Word: crediteers
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...lending spree is a scene playing out at credit unions across the country, though that's not to say the industry has escaped the financial meltdown completely unscathed. Some 21% of the nation's 8,000 credit unions have lost money in at least one quarter so far this year, and 14 credit unions have run into enough trouble that they've had to be taken over, according to the National Credit Union Administration, the federal regulator that backs deposits at credit unions much like the FDIC does at banks. Credit unions that made home loans in bubbly markets like...
...that the credit crunch is rolling full-tilt into the real economy, even credit unions with the benefit of geography likely won't be able to escape the effects of recession. At the 66,000-member Unitus Community Credit Union in Portland, Ore., loan volume is up this year in nearly every category - 32% in mortgages, 37% in student loans, 12% in credit cards - but so are delinquencies. Since the beginning of the year, late payments have increased from...
Even by the standards of credit unions, which tend to have much lower delinquency rates than banks, those figures are worth bragging about, but Unitus CEO Patricia Smith isn't standing idly by. Three weeks ago, she hired the credit union's first work-out specialist to start pouring through loan data and making pre-emptive calls to people who might need help - the sort of down-home, we-care solution credit unions sell themselves...
...they do continue to sell themselves. In early October, Smith was one of nine CEOs who signed onto a newspaper ad touting the benefits of credit unions. "We are financial institutions without shareholders or Wall Street investors," the ad read. "The credit unions of Oregon are owned by 1.4 million regular people - Oregonians just like you." Says Smith: "It's very unfortunate what's happened in the banking industry. There are a lot of good people hurting. But from our standpoint, it does give us an opportunity to say we're here. And we're still lending...
Oxford Economics, which advises the British government, expects 110,000 jobs to be cut in London between this year and 2010--although if the credit crunch is protracted, that number could rise to almost 150,000 next year alone. Real estate is already reeling. Plans for two huge new skyscrapers in the City have been shelved, and the price of prime houses in central London has dropped 12% so far in 2008, according to the real estate firm Savills, while sales volume is down 50% in some areas like Clapham and Fulham...