Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
CU official tells paper CUs better way to save
ASBURY PARK, N.J. (10/21/08)--Because credit unions “share a long history of embracing prudent lending standards” they are a safer place for consumers to place their money, a credit union official wrote in an editorial to a newspaper. Susan Aitoro, assistant vice president, real estate lending at First Atlantic FCU, Eatontown, N.J., wrote in the Asbury Park Press Sunday that credit unions, by and large, have not participated in subprime lending and answer to members--not stockholders and CEOs. As a result, credit unions provide members with loans that have “a monthly payment to fit their budget.” Adjustable-rate mortgages (ARMs) are one of the main reasons for the current financial crisis, Aitoro wrote. Most credit unions mortgages are traditional fixed-rate loans, according to the National Credit Union Administration, so borrower can be assured of the same payment for the duration of the loan that they take out and avoid the uncertainty caused by upwardly moving payments cause by ARMs, she added. With federal deposit insurance increasing to $250,000 from $100,000, credit unions now are safer than ever, Aitoro wrote.
Other Resources

RSS





print
News Now LiveWire
.@FAACreditUnion named a top Okla workplace by @TheOklahoman via @Cornerstone_CUL http://t.co/qQP1zpxJrO
58 minutes ago
NY @NYGovCuomo signs historic FOM law @NYCUAtweets http://t.co/NMTlgkpYqs
1 hours ago
Shop for Miracles day nets $450K for CUs for Kids #NewsNow #System http://t.co/N809BLkzGP
1 hours ago
2 Calif. #creditunions on why the #IOLTA reg relief bill is important. See #NewsNow http://t.co/TvBTGR3qed
2 hours ago
Sony hack linked to N. Korea, says U.S.intelligence via @nytimes http://t.co/fE3PtMgEFz
16 hours ago