Credit Unions rule!

 
Credit Unions To The Rescue
by Broderick Perkins

Been down to your friendly neighborhood credit union lately?

You could find that elusive home loan you been unable to get anywhere
else.

Credit unions didn't need a bail out during the Great Depression, they
didn't need federal intervention during the Savings & Loan debacle and
they don't need government assistance now.

In fact, right now, they are rolling out the red carpet for home loan
borrowers.

During the boom, credit unions avoided writing subprime home loans and
other easy-money mortgages. They also shunned selling packages of
mortgages to Wall Street moguls who packaged them into now low- to
no-return securities.

That means credit unions are relatively untainted by the credit squeeze
and they have both money to burn and a sound business foundation that
allows them to keep on lending.

Instead of fearing the next Great Depression, member-owned credit unions
are bracing for what could be their boom time in home loans and other
financial services, now that banks and mortgage lenders are crashing and
burning.

Mortgage production among credit unions is small by comparison to banks
and mortgage lenders, but their originations rose a whopping 10.1
percent during the first half of 2008, according to the industry's
federal regulator, the National Credit Union Administration (NCUA).
and ;
Less than 1% of mortgage holders in Credit Unions are behind in payments.
Google that!
--
When the Power of Love,replaces the Love of Power.
that's Evolution.

 
Yes they do.  I gave up conventional banks in favor of my credit union
over 25 years ago.  I get most of their services free, and those I pay
for (safe deposit box, notary service, money orders, etc.) are
cheaper, by as much as half, than any bank.

Anyone can join, and get basic services for reasonable fees.  But, in
most cases, things aren't free until you deposit a few thousand
dollars in long term CDs, establish and loan history, and you are
member long enough that it's obvious you're not just using them as a
pass through for your money.

The reason credit unions are still viable in this economy is that they
don't lend money to people who can't afford to pay it back. They
thoroughly verify everything on loan applications, they secure the
collateral with proper liens, and they aggressively pursue those who
default.  All of the employees, from entry level tellers, to the CEO
are salaried.  They don't get commissions to push services or close
loans.

 In article


Yes, seems like they have prevented Greed from ruling the roost.
We have been members for 15 years of our local Credit Union.
No, I don't 'work" for them.
--
When the Power of Love,replaces the Love of Power.
that's Evolution.

 
Nor do I.  But in the interest in full disclosure, I did serve two 3
year terms on my credit union's Board of Directors ('95-'98 and
'03-'06).  The board is made up of six unpaid volunteer members.  To
be eligible to serve you need to have been a member in good standing
of the credit union for at least five years.  Under the by-laws, a
member can't serve consecutive terms, nor more than two in total - so
I'm done.  Two new members are elected to the board by a vote of the
members at the annual general meeting

 'nam vet. wrote:


Wrong, plenty of them did.


borrowers.

Mindless pig ignorant lie. They've been affected by the credit crunch, just like
everyone else.


Mindless pig ignorant lie. Plenty of them did.


That last is another pig ignorant lie.


But not unaffected by it.


Pig ignorant lie.


Pity about the lack of money to lend.


Just another pathetic little pig ignorant fantasy. They are just as affected
by the massive overhang of defaulted houses, just like everyone else is.


So much for your pig ignorant lies above.


2008,

A fart in the bath given the MUCH smaller volume of mortgages they had been
writing.


Administration

payments.

For now...


Pathetic.