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Georgia's Housing Market Creates Challenges, Seen Not as Bad as it Appears

NCUA Region III Director Alonzo Swann told attendees at Georgia Credit Union Affiliates' annual convention that the litany of exotic mortgages and subprime lending has not been a huge deal for Georgia, but elsewhere in the region, particularly in Florida, it has become an issue.

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SAVANNAH, Ga. — NCUA Region III Director Alonzo Swann told attendees at Georgia Credit Union Affiliates’ annual convention that the litany of exotic mortgages and subprime lending has not been a huge deal for Georgia, but elsewhere in the region, particularly in Florida, it has become an issue.

Due to a housing bubble burst in the Northeast, Georgia had its largest loss ever in 1992 at $165 million, Swann pointed out.

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