Credit Unions Claim Stability Amid U.S. Economy Crisis
KENNEWICK, Wash. - Right now some of the united states' biggest banks and mortage lenders are taking a hit from the country's struggling economy.
IndyMac Bank has failed, Wachovia is reporting its lost billions, and the federal government is trying to save mortgage giants Fannie Mae and Freddie Mac.
However, the nation's credit unions claim they're doing okay.
The Credit Union National Association claims credit unions aren't as nearly affected by the mortgage lending crisis.
A spokesperson for one credit union said it simply avoids getting into risky loans.
"We're very conservative in our approaches in the way we do all our dealings with loans, be it consumer or mortgage or commercial. We had that approach in place to make sure we have the members best interest in mind when we make those decisions," said Kevin Stockard, Numerica Credit Union.
Credit unions also claim they keep a majority of their loans in house, and don't sell them to Fannie Mae or Freddie Mac.