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Biz Journal Maryland CUs avoid mortgage meltdown
COLUMBIA, Md. (5/21/08)--Maryland credit unions have managed to avoid the U.S. mortgage meltdown, and several have even increased their earnings in 2007 and piqued member interest in mortgages, according to a May 9 article in the Baltimore Business Journal. “Many of Maryland’s credit unions made gains last year, even in the difficult economy, steering clear of the subprime mortgage struggles that ensnared some banks,” the article said. “But while credit unions found a clear path through the mess in 2007, some are preparing for a tougher 2008.” (Focus newsletter, May 19). The 2007 successes of Destinations CU, Baltimore; Atlantic Financial FCU, Hunt Valley; and Municipal Employees CU, Baltimore, were cited in the article. It also mentions the earnings being used for loan interest rebates and increased dividends. “The nature of the credit union business insulated it from the subprime mortgage loans and investments that weighed on the banking world,” Mike Beall, CEO, Maryland and District of Columbia Credit Union Association, said in the article. “Now that many banks have scaled back mortgage lending, some credit unions are seeing an increase in mortgage demand.”
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