WASHINGTON — The economy is in “upheaval,” institutions are failing or retreating from secondary markets and yet credit unions are holding up well and indeed “are winning this revolution” particularly in mortgages, concludes a Callahan & Associates report issued this month.

In an upbeat assessment of the CU role, the quarterly “Credit Union Strategy & Performance” report issued two weeks ago by the Washington consulting firm, found CU mortgage originations “are up 53% versus he ’07 first quarter–in a period when national mortgage volume dropped 7%.”

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