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Financial Services member circulates CU story
WASHINGTON (2/15/08)—Rep. Tom Price sent a letter to all his colleagues in the House focusing their attention on a Wall Street Journal article entitled “Credit Unions Offer Lifeline on Mortgages.” Price, a Republican from Georgia, is a member of the House Financial Services Committee. Price wrote to his fellow lawmakers, “The article points out that while some lenders have tightened underwriting standards given current market conditions,…many credit unions remain well capitalized and in a position to help the consumer refinance.” The article, which originated as a Dow Jones News Service column and was picked up by WSJOnline, said: “Big banks still smarting from multibillion-dollar subprime losses have tightened lending standards and are lending almost exclusively to those with top credit scores. Many individual who were eligible a year ago fro a traditional mortgage can’t get refinancing for their subprime loan. “Credit unions to the rescue. Unlike big lenders, credit unions didn’t suffer losses in recent months because they never made risky subprime loans.” The article also highlighted Credit Union National Association Chief Economist Bill Hampel's assessment that most credit unions have strong balance sheets and near-record capital levels, which allow them to make any type of loan despite the subprime crisis.
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