Foolish for credit unions
Motley Fool writer John Rosevear is crazy about credit unions. In an article published online August 27, he recommends credit unions as a good place to go now for mortgages, noting:
“It’s worth noting that a credit union is a pretty good place to go for a mortgage right now. Because most (though not all) credit unions self-finance their loans, rather than turning them into securities and selling them off, they’ve largely escaped the effects of the subprime crunch in the mortgage securities market. And while credit unions don’t generally make very many subprime or “Alt-A” no-documentation mortgages, their lending standards have always been a bit more flexible than most other institutions, especially when lending to lower-income members with good credit.”
In addition, he recommends credit unions for credit cards, auto loans and other loans.
Read the whole article here.