Re: [Pen-l] Bad Times for Banks Means Boom Times for Credit Unions

["Jim Devine" <jdevine03@xxxxxxxxx>]

raghu wrote:
> It is a direct indictment of unregulated free market finance that
> credit unions - the closest thing to a nationalized bank in this
> country are doing extremely well compared to commercial banks.

huh? credit unions "nationalized"? no, they're community banks,
usually sponsored by corporations, universities, labor unions, etc.
and involving people associated with the sponsoring institutions. The
rules have become lax over the years, but the CUs origins still have
an impact.

> Members-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...

CUs usually don't do mortgage lending at all. They're mostly for
smaller loans, like for cars. Maybe Texas is different...
-- 
Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own
way and let people talk.) -- Karl, paraphrasing Dante.
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