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Since the start of the credit crisis, banks and thrifts have lost billions of dollars because of bad loans and problematic investments. The mortgage market turmoil has also contributed to considerable volatility on Wall Street and filtered into other economic sectors, from student loans to municipal borrowing. Most recently, this turbulence has resulted in a government takeover of Fannie Mae and Freddie Mac.

In contrast to most other participants in the financial marketplace, credit unions have provided an important beacon of light and stability during the last year. In fact, credit union mortgage delinquencies stood at just 0.7% at the end of the first quarter, well below the national averages of other lenders. The credit union movement can attribute this success to its cooperative philosophy, which generally has and continues to produce sound lending practices and secure financial institutions.

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