ALEXANDRIA, Va. — Federally insured credit unions reported solid asset and share growth through the first half of the year, according to NCUA.
"As the financial markets fluctuate because of volatile subprime mortgages, thus far credit unions remain stable, experiencing some increase in mortgage and loan delinquencies and foreclosures, albeit on a relatively small scale," NCUA Chairman JoAnn Johnson commented. "Total real estate loans expanded 4.6% to $255.4 billion in the first half of 2007, as real estate loans delinquent two months or more grew from 0.34 to 0.44% and foreclosed real estate increased to $213 million, representing a small 0.08% of total real estate loans at June 30, 2007."
Fixed rate first mortgages increased 17.2% (annualized) while total balloon/hybrid first mortgage loans declined an annualized 9.0%. Total adjustable rate first mortgages declined an annualized 15.5%.
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