Quote:
Originally Posted by Barefootsies
Credit Unions.
Most did not get into the sub-prime loans, and are solid. So no worries. While all these "major banks" you refer to as the safest have been turning down loans, credit cards, and lending in general (as my business partner with his 40 properties, yacht, half mil house, and triple A+ credit if finding out) my credit union has approved for me 2 personal loans, 1 refinance of a vehicle, 1 brand new sea doo, and nice limit on a new credit card. So I closed all my others. On top of that, they approved me for a mortgage even higher than mortgage brokers were willing to give me.
In this supposed "credit crunch", I have yet to feel it .
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I remember reading somewhere that about 10 credit unions had gone under recently.
EXAMPLE
"January, 2008 It was announced late Friday that CAL State 9 Credit Union would be placed into conservatorship under the National Credit Union Administration (NCUA).
Regarding Cal State 9, this San Francisco Chronicle article received a quote from a California official who stated that the action was ?related to the credit union?s defaults on mortgages.? Loan losses in the third quarter ending in September were $54.5 million, up from $17.5 million in the previous quarter. You can view more of the financials of Cal State 9 from this NCUA page."