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Vice Chairman Hood Encourages Prospective Homeowners Despite the Subprime Upheaval

February 8, 2008, Alexandria, VA – National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood addressed the North Carolina Minority Support Center’s (NCMSC) 2008 Community Development Credit Union (CDCU) Summit at the University of North Carolina at Chapel Hill. The event focused on the Support Center’s strategic growth, the statewide foreclosure epidemic, and the increasing the number of loans to low-income families.

Vice Chairman Hood opened by commending the NCMSC for hosting a forum dedicated to this important subject. 

“While abusive lending practices led some people into homeownership they could not sustain, that anomaly should not frighten you away from owning your own home,” Vice Chairman Hood said. “There are many fine credit unions nationwide that continue to help provide quality home loans.” 

Hood encouraged those present toward owning their own home by reminding them that homeownership remains the fastest and best way to build individual wealth. 

”I am passionate about economic empowerment for all Americans and for all communities. I believe that homeownership - not just buying a home, but staying in the home - is the key to building wealth and creating strong, viable, and sustainable communities,” Mr. Hood said.

Highlighting the Community Development Financial Institutions (CDFI) Fund as well as NCUA’s Office of Small Credit Union Initiatives, Hood touted both as valuable resources available to community development credit unions looking for grants to expand their services.

He congratulated community development credit unions for promoting homeownership by providing their members with the tools and resources necessary to stay in their homes.

“The answer, I believe, lies in taking our message directly to the communities through events just like this that provide education about homeownership, including pre-purchase and post-purchase counseling,” Hood said.

In closing, Mr. Hood reiterated his dedication as a regulator to listening carefully and working hard to ensure the safety and soundness of the credit union system.

“I know that we can work together to continue helping families achieve the American dream of homeownership,” Vice Chairman Hood said.

The National Credit Union Administration is the independent federal agency that regulates, charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, also operates and manages the National Credit Union Share Insurance Fund (NCUSIF), insuring the deposits of over 86 million account holders in all federal credit unions and the majority of state-chartered credit unions