LENEXA, Kan. — Corporate representatives say today's Wall Street Journal article, Mortgage-Market Trouble Reaches Big Credit Unions, is pretty accurate, and they're happy the nation's second largest daily paper portrayed them as the most conservative, risk-averse institutions in the country.
"The general sentiment around here is that it's factual," said Austin Braithwait, U.S. Central's senior vice president for member relations and communications.
However, while Maremont did a good job covering the issue, sourced corporates agree they wish he had included more positive points.
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Braithwait, Western Corporate's Jim Hayes, and Member United's Vic Vrigian all said the most important piece of missing information was a failure to mention that even securities with unrealized losses are still performing as promised, providing a steady revenue stream. Not only do corporates intend to hold these securities to maturity, they have the liquidity and capital to do so.
"Yes, even the most risk averse institutions are feeling pressure, but he left out how we plan to weather the storm," Hayes said. "The danger of only telling half the story is that some readers might assume we don't have a plan, when we absolutely do."
Vrigian said his call center has received a handful of calls about the article, but since it just published this morning, most members probably haven't had a chance to read it yet.
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