The year 2007 was different for everyone in the mortgage industry. Much has already been reported in the media, but there is probably a lot more that could have–and should have–been said.

Central States Mortgage, a CUSO owned by 25 credit unions in Wisconsin and Illinois, survived 2007. The company faced challenges never experienced in our 24-year history, but we feel we are poised for an exciting 2008. Real estate cycles may come and go, and there can be some wild swings, but there is always a center; there must always be a balance. The trouble is, sometimes it's hard to see that balancing for the natural thing it is when attention is being drawn to the fringes so often.

The media spent so much time pointing out all the negatives involving the housing industry that it literally shut down buyers before they even went house hunting. Our 24/7, 365-days-a-year media loves to dwell on such things because of their drama. The mundane, tried-and-true business of home buying and real estate transactions is boring compared to all of the screaming–especially given our attention-shortened, buzz-kill appetite for shocking news. The simple fact is that potential buyers with jobs still had a variety of loan programs to choose from–including FHA, VA, and state housing programs, not to mention portfolio loans held by credit unions. The news media also failed to share some other telling statistics that constitute a big chunk of the rest of the story.