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OCEAN CITY, Md. — As the housing market continues its significant slowdown and the subprime market crashes, credit unions will likely fair better than other lenders but they should also look carefully at the mortgage debt they maybe trying to refinance for their members.

As credit unions tend to be more conservatively run than other lenders, they are not as steeped in the high loan-to-value, low credit score, stated income subprime loans that have been the bane of the market, according to Scott Toler of the Credit Union Mortgage Association. “We’ve all seen that foreclosures are way up,” he said during an education session at the Maryland & D.C. Credit Union Association’s Annual Meeting last week. “That’s because people were put into loans they shouldn’t be in.”

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