Credit unions may find themselves increasingly playing the role of landlord, according to a recent Federal Reserve policy statement and a property management firm that serves credit unions.
Credit unions worked hard in 2011 to continue to build their housing finance programs even as the overall housing industry continued to struggle with low home prices, high foreclosure rates and significantly tighter mortgage underwriting rules.
Contrary to conventional wisdom, as the nation moves through an extended housing downturn, a number of credit unions have found themselves faced with significant amounts of REO.
Call it a sign of the times. A Utah-based CUSO has partnered with a firm that specializes in managing and selling real estate owned by financial institutions to offer those services to other credit unions.
A Utah CUSO has joined with a firm that specializes in real estate owned by financial institutions to offer services to other credit unions.