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.
A credit union in Memphis, Tenn., has struck upon an approach to its foreclosed properties that could provide an example for both credit unions and banks on how to address the large stock of real estate they have come to own.
The $517 million Memphis Area Teachers Credit Union, headquartered in Memphis, Tenn., is testing a program it hopes will move real estate it owns into the hands of financially disadvantaged members.
Find out how our readers ranked the top 10 stories of 2010.
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