CU Times compiles our exclusive data sets in combination with information received from NCUA and other federal agencies to give a clear view of lending trends involving credit unions (i.e. mortgage, auto loans, HELOCs, student loans).
WASHINGTON, D.C. -- Countrywide Financial, the nation's largest mortgage lender and a major partner in the credit union mortgage arena, has tapped its $11.5 billion credit limit to ensure its funding liquidity. The $11.5 billion is provided by 40 of the world's largest banks. Housing starts have dropped back to...
WASHINGTON -- In a joint release and submission to the Federal Register the five federal financial regulators issued what they called "illustrations" that are meant to help financial institutions better serve consumers seeking subprime and adjustable rate mortgages.
HAMPDEN, Maine -- The chairman of the American Credit Union Mortgage Association, John Reed, added his voice Thursday to the call by industry leaders to help find CU solutions to the mortgage crisis whether it be hotlines, funding platforms or CUSO linkage, all aimed at helping subprime victims.
Pacific Service Credit Union is now offering two new home equity loans secured by either rental property or vacation homes, a bold move, given the state of the mortgage industry right now. With rising delinquencies, foreclosures, falling home values and a glut of "for sale" signs in many areas, PSCU...
Reaching out to members who may have been victimized by other mortgage lenders State Employees' Credit Union has developed new products to help them refinance and keep their homes, said the CU.
While creating great national unease, the mortgage crisis offers credit unions outstanding opportunities to increase market share as the industry assists beleaguered homeowners, according to a major CU service vendor.
Wescom Credit Union recouped its nearly $1 million investment in ACC Consumer Finance LLC when the company was acquired by CompuCredit at the end of 2006, said Jane Wood, executive vice president, but it has kept the ACC-generated portfolio of subprime auto loans.
Patelco Credit Union decided it had enough and chose to stop digging when it availed itself of the opportunity to sell its subprime auto portfolio and investment in ACC Consumer Finance, LLC of Laguna Niguel, California.