CDCU Mortgage Center in New, Skilled Hands - National Federation of Community Development Credit Unions

(October 15, 2007 – New York, NY) The National Federation of Community Development Credit Unions (Federation) has a new leader at the helm of its CDCU Mortgage Center, LLC and CDCU Affordable Mortgage Secondary Market. Brenda Weaver, who formerly served as the Lead Director at Fannie Mae, covering the states of Kentucky, Tennessee, Ohio, and West Virginia, was recently hired as Director of the Federation’s CDCU Mortgage Programs.

Brenda Weaver, CDCU Mortgage Center Director

Weaver will be stationed in Lexington, KY, joining the Federation’s growing network of staff operating out of regional offices; currently this includes offices in Madison, WI, and Colorado Springs, CO.

She has also been active in the credit union movement for sometime, including serving on the boards of two CDCUs, Appalachian Federal Credit Union (Berea, KY) and the former LexLinc Community Development FCU (Lexington, KY).

“The Federation is fortunate to hire Brenda Weaver,” said the Federation’s Executive Director Clifford N. Rosenthal, “Her intimate knowledge of CDCUs and their community development mission, and her extensive experience working at Fannie Mae make her the perfect candidate to take over coordination of our Mortgage Center and Secondary Market.”

“Brenda will also be working out of Kentucky,” Rosenthal added, “Having her out stationed complements the Federation’s strategic shift to further expand our national footprint through regional offices.”

The Federation established its CDCU Mortgage Center™ in 2005 to assist and encourage CDCUs to be more active in promoting homeownership in low-income communities. The CDCU Mortgage Center™ offers technical assistance to CDCUs with new or existing mortgage programs and offers relationships with automated mortgage providers who offer turnkey solutions for financial institutions.

The CDCU Affordable Mortgage Secondary Market opened in 2006 to help CDCUs get non-traditional affordable loans off their books to free-up liquidity to increase lending in their communities. The idea of the Secondary Market is for the Federation to purchase non-conforming loans from member CDCUs and Community Development Partner credit unions, and then season and aggregate them for sale in the secondary markets. Currently the Federation is looking to significantly ramp-up its portfolio in 2008.

For additional information about the Federation’s Mortgage Programs, please contact Brenda Weaver at brenda@cdcu.coop, or at (800) 437-8711, ext. 203.