NCUA Letter to Credit Unions; My Bracket
Early this month, NCUA issued Letter to Credit Union 08-CU-05. In short, NCUA used the letter to:
...encourage federally insured credit unions servicing securitized subprime adjustable rate residential mortgages to utilize the HOPE NOW allianceâÂÂs loan modification standards to report foreclosure prevention efforts.
This recently developed reporting format will assist industry efforts of measuring foreclosure prevention activity by standardizing data fields regarding modifications of subprime adjustable rate residential real estate loans, and will help to foster more transparency throughout the securitization market as the financial industry moves forward collectively through this current mortgage crisis.
You can access the guidance here.
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Let's just say this. In some parallel universe, Duke, Pitt, Drake and Georgetown are still playing basketball. My bracket does not exist in that parallel universe.