Mortgage Literacy: The New Mantra
16/06/08 16:23
One of
the hardest lessons learned from the subprime crisis
is this: the level of mortgage literacy in this
country is abysmally low. How else could otherwise
intelligent people end up in inappropriate loan
products they couldn't possibly afford?
Credit
unions were chartered to promote the responsible use
of credit . While our education mission has
always been important, the stakes have never been
higher: people are losing their homes. Let's
re-commit to member education, this time emphasizing
housing finance. Members, and your communities,
will thank you for it in the form of increased
mortgage business.
This strategy dovetails nicely
with the Strategy Number Ten, Be the Expert.
Providing education that will help members make wise
decisions is another way to position your credit
union as a local expert.