LAS VEGAS — Last week's news ranking Nevada among the eight states in nation with the highest foreclosure rates has not fazed Community One Federal Credit Union's plans to offer an alternative for homeowners and shoppers.
The $161 million credit union is moving forward with its partnership with CUSO Development Company LLC to bring mortgage loans to its members. Founded in 2006, CDC (www.cusodevelopment.com) was formed to provide credit unions with real estate, mortgage and title insurance products to members and the general public. In addition to its mortgage subsidiary, the CUSO also launched a title insurance subsidiary in August and has plans to branch out into real estate in 2009.
"I think a lot of people have lost faith in banks," said David Fischer, vice president and chief financial officer of Community One, responding to the Nevada foreclosure ranking. "Credit unions have a lot of credibility as being member friendly. We have a good chance because we think there will be a shift coming from those people moving back into their homes."
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