LAS VEGAS -- There's no reason why credit unions couldn't double, triple or quadruple mortgage market share during the new few years, Blue Chip financial forecast economist Jeff Thredgold told ACUMA Mortgage Lending Leadership Conference attendees this morning.
"The subprime lenders are gone, the Alt-A lenders are gone, and banks don't have any money to lend," Thredgold said, adding, "And look, I'm a banker. I'm telling you, credit unions are in the driver's seat."
Economic forecasting was the cornerstone of Thredgold's presentation, and the frequent cable news guest understandably spent considerable time discussing the current financial crisis.
Today's events have some pretty staggering statistics, Thredgold said. When all is said and done, subprime related losses are expected to total $1.5 trillion worldwide, including $540 billion in write-offs. And, Lehman Brothers and Merrill Lynch will be used as examples in business textbooks for years to come.
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