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
Mich #creditunions encourage everyone to #CULunchLocal Oct 14 as part of #ICUDay http://t.co/NZp71fgr8Z
20 minutes ago
.@IllinoisLeague Hession: #HB5342 cause for celebration...will serve as a model across the country for state, fed regulators @GovernorQuinn
36 minutes ago
.@GovernorQuinn signs #HB5342 providing parity for state-chartered #creditunion examinations via @IllinoisLeague http://t.co/yrhoCkE4ER
1 hours ago
.@Walmart's US CEO Bill Simon to step down, Greg Foran moves up via http://t.co/WIqJbYcapL
1 hours ago
.@NCUA just releases 3 segments of new online series to help CU managers, volunteers detect/deter fraud http://t.co/JgyRHcfgit
1 hours ago