WASHINGTON — While auto lending is a shrinking part of credit unions' loan portfolio, mortgages are picking up despite, and possibly because of, market conditions. Lending was up in March, led by a healthy 2.8% increase in mortgages, the largest increase since July 1999, according to CUNA's Monthly Credit Union Estimates report for May. Fixed- and adjustable-rate mortgages have increased as a percentage of credit unions' portfolio from March 2007 to March 2008, as have second mortgages.
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