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Loans Gush From Texas CUs As State's Economy Booms

They say everything is bigger in Texas, but one thing that wasnt. The real estate boom and subsequent bust. And it has worked out for credit unions in a big way. According to the NCUAs second quarter statistics, homes in the Lone Star state have gained nearly 5% in value...

By Heather Anderson | Updated on October 31, 2012
Despite the healthy economy and growth in the education sector, maintaining the credit union’s 83% loan-to-share ratio hasn’t been easy, said Texas Tech FCU CEO Ellen Hein.

They say everything is bigger in Texas, but one thing that wasn’t. The real estate boom and subsequent bust. And it has worked out for credit unions in a big way. According to the NCUA’s second quarter statistics, homes in the Lone Star state have gained nearly 5% in value from the real estate boom’s peak.

Rick Grady, vice president of communications for the Texas Credit Union League, said laws in Texas that resulted from the savings and loan industry implosion in the 1980s keep mortgage loans below home values, and shielded the state from the mortgage bust.

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