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Business is booming for Ed Speed, which is a little odd, considering he lends money for a living. But that's the story of credit unions nowadays, including the one in southeastern Texas that Speed runs, where real estate lending has doubled over the past five weeks, and auto loans are on track to grow 40% to 60% in October...
...only nonprofit credit unions are having their turn in the sun as years of sticking to boring, old-fashioned banking practices - they typically hold the mortgages they make on their own books and only dabble in subprime - put them in a position to grab market share while national banks, auto finance companies, credit-card outfits and private student-loan firms cut back on loans. "In good times, you'd say these guys are much too conservative," says George Hofheimer, chief research officer of the credit-union-focused Filene Research Institute. "But in times like these, it's just what...
...under a dark cloud.") To meet loan demand, TDECU is borrowing from corporate credit unions and the Federal Home Loan Bank of Dallas, but even then "we may not have enough money to go around," says Speed - especially now that car dealerships, jilted by the finance arms of auto companies, are flooding the credit union with calls...
...Syrian art boom is taking place amid an economic thaw. Syria began opening its economy in 2005 under pressure from U.S. sanctions; foreign investment has changed the face of the country. Once the streets of Damascus were filled with 1950s-era American auto-mobiles, kept running by trade barriers and twine; now there's a daily traffic jam of new Asian sedans and German sports cars. Superseding the capital's dictator-chic hotels from the 1970s--massive concrete towers with prostitutes in the bars and spies in the lobbies--modern boutique inns are sprouting in renovated courtyard palaces...
...What exactly did this spirit city possess, I inquired? The shaman replied: on the lower part of our terraced land, near a rustling stand of bamboo, the spirits had built their own pharmacy, auto-body-repair shop and even a food stall that served fried rice. No infinity-edge swimming pool would be going there, lest we flood the otherworldly denizens picking up a prescription or delivering a motorcycle for a tune-up. We also would need to leave a section of riverbank undeveloped because a local demigod traversed the land on his daily pilgrimage to a volcano up north...