LAS VEGAS — Taking account of what he called the growing "mess in mortgages," Jim Blaine, the president/CEO of State Employees' Credit Unioin, speaking before CU directors Wednesday plugged his CU's own ARM product as a profitable vehicle that greatly serves members' needs.

In remarks to nearly 1,990 directors at the opening session of the National Directors Convention, the head of the Raleigh, N.C. CU said State Employees "has not had a single loss" on its ARM program and it is proving a valued product in the current environment.

"Now you tell me whether you would make 6-7% on these loans to first time home buyers or 4% at the corporate?" asked Blaine in describing the product as retaining those important "warm and fuzzy" characteristics.

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