Credit unions live by the philosophy of "People Helping People," but do they really reach out and help the low- income population, specifically as it relates to mortgages?
Not as much as they can be, according to a report released in April by the Oregon Bankers Association, which shows fewer than 1% of the 12,000 mortgages issued by Oregon credit unions last year went to low-income borrowers.
"Data irrefutably indicates that credit unions' mortgage-loan originations are not focused on low-income populations or distressed communities in Oregon," Marvin Umholtz, an Olympia, Wash., consultant and former credit-union executive, wrote in his report.
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