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Article: Credit unions say they dodged mortgage mess
- Article from:
- Sunday Gazette-Mail
- Article date:
- February 10, 2008
- Author:
CopyrightCopyright 2008 Sunday Gazette-Mail. Provided by ProQuest LLC. (Hide copyright information)
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balow@wvgazette.com
Credit unions don't always measure up well beside banks. They
tend to be smaller and sell fewer services, and in many cases you
can't join unless you work for a specific employer.
But these days, folks at the more than 100 credit unions across
the state have something to be thankful for. State credit unions
have managed to avoid the subprime mortgage problems that are
cutting profits at many lenders, said Ken Watts, president of the
West Virginia Credit Union League in Parkersburg.
Huntington Banks, for example, last month attributed a loss of
nearly $240 million in its fourth quarter to its relationship with a
subprime lender. During the three-month period, the company ...