RANCHO CUCAMONGA, Calif .– With nearly one-third of all California credit unions reporting negative ROA during the first quarter, and relatively healthy credit unions announcing mergers, some are wondering just how bad things will get in the Golden State.

Terrin Griffiths, economist for the California Credit Union League, said nothing has changed in California, except that the subprime lending plotline has progressed as predicted.

"I think most folks would agree that California and Florida are among the hardest hit housing markets, and it's being reflected in the numbers," Griffiths said.

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