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APPLE VALLEY, Calif. — High Desert Federal Credit Union here has operated one of the most successful construction loan programs in the credit union world, but it’s not been immune to the downturn that’s hit the Golden State’s credit unions, said president Tom Brown.

“We’ve been doing construction loans for years,” he said. “It’s been one of our bread and butter products. We’ve funded more than $800 million in construction loans in the last 20 years, but we’re in subprime hell like everyone else. We never made subprime loans, please don’t misunderstand, but there is a carry-over effect.”

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