Credit unions differ from all other lenders, there's no disputing that. We didn't participate in the subprime Olympics nor did we put members in harms way. Members were and are affected, nonetheless. So are our credit unions. We can help.

If you haven't done so already, it's time to establish a sub-prime rescue program. Design a program, create a set of portfolio products and identify members who need help. In some cases members will identify themselves through delinquent car, home equity or credit card loans. The origin of their difficulties may well be an inappropriate first mortgage loan.

Another way of locating members in need is through Prime Possibilities. We can tell you the where, when and how of everyone of your home owning members financing arrangements, plus other, helpful information. This highly targeted marketing tool has many uses beyond sub-prime rescue, yet this a terrific way to get acquainted with this valuable service.

A note on creating subprime rescue products. By no means are we suggesting imprudence. A sad fact of the current crisis is there are members no one can help. Those we can, though, require a thoughtful, risk-based approach. Reserving against these loans at a higher level is also wise.

Lastly, the CU Housing RoundTable plans to produce a White Paper this summer on Sub-Prime Rescue. Look for more information on this project throughout the Summer months.