Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

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
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
16 hours ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
16 hours ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
18 hours ago
You can get your subscription to @cuna 's free, daily, online #creditunion #news service News Now here: http://t.co/YtUejEmAYP
18 hours ago
CCUA hosts @TheNASCUS college for #creditunion directors http://t.co/CftpSXDKWx
21 hours ago