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CU System
California league CUs stable in crisis
RANCHO CUCAMONGA, Calif. (11/4/08)--California's credit unions have been stable during the subprime mortgage meltdown and reported a 10% jump in fixed-rate first mortgages between January and June, reports the California Credit Union League in a newspaper article. "At a time when banks are staggering under losses from the subprime mortgage meltdown, most credit unions are dodging that bullet" and are engaging families about how to stay afloat amid a financial crisis, said the Inland Valley Daily Bulletin (Nov. 2). League President/CEO Bill Cheney notes in the article that credit unions are collateral damage in the banking crisis "but they're still out there trying to help members." Some credit unions are making special loans to members hit hard by the subprime mortgage crisis. Others invite families to attend financial literacy courses. "For people who are looking for mortgages right now, one of the best places to look is a credit union," said Ken Willis, founder of Upland, Calif.-based League of California Homeowners, in the article. Its members are eligible to join a credit union. Cheney told the publication that if it weren't for credit unions, banks would monopolize the market and charge everyone higher loan interest rates. For the entire article, use the link.
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