WASHINGTON — Despite an economy in upheaval, credit unions are holding their own and, in fact, "are winning this revolution," particularly in mortgages.
The upbeat assessment by the Washington consulting firm is contained in the quarterly Callahan and Associates' "Credit Union Strategy and Performance" report which found CU mortgage originations "up 53% versus the '07 first quarter–in a period when national mortgage volume dropped 7%."
Moreover, said the report, CUs had the highest ever first-quarter total loan originations at $61 billion and that their 60 basis-point return on assets "exceeded all other financial institutions."In a statement, Chip Filson, Callahan's president, said the withdrawal of many institutions "from whole areas of the economy" has created "channel destruction, especially evident in mortgages."
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