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Article: Credit Unions Flex Lending Muscles;Mortgage Business Increases Along With Consumer Loans
- Article from:
- The Washington Post
- Article date:
- October 14, 1989
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Mortgage lending might not come to mind when one thinks of credit
unions, but these institutions, long a stronghold of
low-interest-rate auto loans and other consumer loans, have been
increasing their mortgage business in the past few years.
Some credit unions have been offering mortgage loans since 1978,
when federally chartered institutions were permitted to offer 30-year
mortgages.
Many credit unions expanded and many more decided to enter the
mortgage market, beginning in 1986, to take advantage of the red-hot
housing market, according to Niel Moser, senior vice president of
CUNA Mortgage Corp., a subsidiary of the Credit Union National
Association, a trade group.
That expansion ...