Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
CEO to IBaltimore SunI Longer loans help manage debt
BALTIMORE (3/10/09)--A letter to the editor of the Baltimore Sun from a Maryland credit union CEO about extending mortgages says that as a lending institution, he would rather own a long-term 5% loan than have a bankruptcy judge cramdown a mortgage payment. Richard T. Webb, CEO of Hunt Valley, Md.-based Atlantic Financial FCU, was responding to a letter criticizing extending mortgages to 50 years or longer. The point, that such loans increase the borrower's debt is valid, Webb said but fails to consider the length of time most homeowners keep a mortgage. The average time a mortgage is held is around seven to nine years, Webb wrote, adding it would make sense to make smaller payments on a longer-term loan when the chances of staying in a house for 30 years are small. For the full letter, use the link.
Other Resources

RSS print
News Now LiveWire
.@CUNA is testifying on reg relief Tues,July 15 at 2 p.m. be4 Hs Fin Serv Subc. Here is the agenda and witness list: http://t.co/yBRhlmdqHt
1 hours ago
IBEW Local 816 FCU closes.The Paducah, Ky., $6.3 million-asset #creditunion served 929.It's the 6th federally insured CU liquidation of 2014
1 hours ago
.@BankOnOregon recruiting #creditunions for underbanked project via @NWCUA http://t.co/j6MgHbe9F8
2 hours ago
.@wpcu's Fecher to testify next week on reg burden @HouseFinSrvicesCmte's subcommittee FIs/consumer credit #NewsNow http://t.co/eNGlQ7n3SS
3 hours ago
1 in 6 US teens considered financially illiterate, survey finds #NewsNow http://t.co/KpqYveLf4n
3 hours ago