Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
IWall St. JournalI notes CUs mortgagejumbo loans
NEW YORK (5/3/10)--More lenders--including credit unions--are stepping up to offer jumbo loans or mortgages that exceed $729,750, and The Wall Street Journal points to two credit unions' programs in particular in its Friday issue. "Since the mortgage crisis, banks haven't been eager to make large loans without federal protection, so the market for such mortgages suffered, crimping sales of expensive homes," said the article. However, the money is gradually becoming more available, said the article. It notes that the New York region benefits from having a number of financial institutions that make the loans--"from national lenders and investment firms to credit unions and smaller banks." "Credit unions have also become a popular jumbo outlet," said the Journal. "They certainly filled the void locally...You used to never see a credit union do mortgage lending," said the article, quoting Guy Cecala, publisher of Inside Mortgage Finance. "Long Island's Teachers FCU offers jumbo loans up to $1.5 million with 20% down, while Bethpage FCU will make loans up to $2.5 million, though it requires a 45%^ down-payment on those loans," said the Journal noting that the availability of money is improving. For the full article, use the link.
Other Resources

RSS print
News Now LiveWire
Stay tuned for coverage of @CUNA's BSA conference which starts Sunday. #CUNABSA #CUNACompliance
20 hours ago
Today's the last day to complete @CUNA's Home Depot data breach survey http://t.co/UcB8G9bVXe #StoptheDataBreaches
22 hours ago
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
23 hours ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
23 hours ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
23 hours ago