New York CUs Pledge $100M for AH

A group of New York credit unions have pledged $100 million to fund affordable mortgage programs in underserved areas, the largest such fund ever organized by credit unions.The New York CU Loan Fund for Underserved Neighborhoods was unveiled in Rochester on Monday by Sen. Hillary Clinton, D-N.Y. The unveiling came during a conference for the underserved organized by Debbie Matz, a board member of the National Credit Union Administration. Michael Vadala, president of Rochester's Summit FCU, who also helped organize the conference, said he came to an agreement on the outlines for the credit union affordable mortgage fund during discussions with Sen. Clinton's staff. Mr. Vadala, who pledged $2 million from his credit union, said he will be meeting soon with credit union executives during the state's annual CEO roundtable to solicit additional participants.