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CU real-estate loans to grow 12.1 CUNA tells Dow Jones
WASHINGTON (4/29/09)—Don't rule out credit unions for mortgage loans, Mike Schenk told Dow Jones Tuesday. Schenk is senior economist for the Credit Union National Association (CUNA). At a time when the economy is struggling and mortgage credit from some sources is all but dried up, Schenk noted that credit unions are expecting to increase their overall lending by 6% in 2009, compared to the previous year. He noted that real-estate lending by credit unions is expected to grow 12.1% compared to 2008, according to CUNA projections. Schenk explained that credit unions largely didn't make the kinds of risky subprime loans that have rocked the nation’s economy. And since they engaged in prudent lending practice, Schenk said credit unions are in a better position to lend. Schenk advised consumers to choose a mortgage wisely and to factor in all costs when comparing mortgages. He added the warning: If something seems too good to be true, it probably is. The CUNA economist made his remarks in an article spotlighting that it is becoming harder and more expensive for consumers to get mortgage loans.
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