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The timing of the annual meeting of the Credit Union Housing Roundtable in 2007 was remarkable in its correlation to the unfolding of the subprime crisis–a crisis that has led to considerable economic turmoil, not only in the United States but throughout the world. Statistics at the time indicated that about one-third of the U.S. mortgage market was effectively shut down. The FDIC had reported that banks had seen the largest increase in late mortgage payments in 17 years, with loan loss reserves up 75% over 2006.

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