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Refis home loans booming for Service CU
PORTSMOUTH, N.H. (5/12/08)--A local New Hampshire credit union has managed to avoid losses caused by a struggling housing market and experienced by the rest of the U.S. Service CU, Portsmouth, has had three times this year the volume in new loans it had last year, especially in refinancing, Fawn Terwilliger, Service CU vice president of lending told Fosters.com. Service CU also saw an 80% increase in new loans over those in 2007, she added. Industry experts predict that the weaknesses in the housing market will prevail. On Tuesday, Fannie Mae reported that it lost $2.2 billion loss during the first quarter of 2008. Fannie Mae, which maintains the secondary market in mortgages, attributed the losses to defaulted loans and foreclosures. To offset losses, Fannie Mae plans to increase its capital by $8 billion, the Office of Federal Housing Enterprise Oversight (OFEHO) said this week. OFHEO is Fannie’s regulator. The increase in capital could help first-time home buyers, Dean Christon, executive director, New Hampshire Housing and Finance Authority, told Fosters.com. Credit unions largely sidestepped the mortgage crisis, because typically they do not make subprime loans, according to Bill Hampel, Credit Union National Association chief economist (News Now April 28).
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