Nader Moghaddam, president/CEO of the $710 million Financial Partners Credit Union has a message about all that California gloom and doom: Credit Unions are overcoming the challenges and have become creative managers.
"My message from one of the hardest hit areas of the country: We've all been whitewater rafters thrown about by uncontrollable waves but in these turbulent times, we've learned how to succeed," declared Moghaddam.
Indeed, in one area-mortgages-the Downey, Calif., credit union has made major strides, originating $240 million in first mortgages and selling 94% to the secondary market during 2009, said Moghaddam.
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