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No Mortgage Backlash at CDCUs, says Federation; Conference Call Set

The National Federation of Community Development Credit Unions wants everyone to know that "not all financial institutions are feeling the squeeze" of the credit markets spurred by write-offs of mortgage-backed securities.

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NEW YORK CITY — The National Federation of Community Development Credit Unions wants everyone to know that “not all financial institutions are feeling the squeeze” of the credit markets spurred by write-offs of mortgage-backed securities.

While some of the country’s major financial institutions are predicted to suffer up to $300 billion in total write-offs over the next two years, there are many responsible lenders throughout the country, such as community development credit unions and other community development financial institutions, that are not experiencing the same backlash seen throughout the mainstream subprime markets.

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