The chairman of the now-closed Central States Mortgage Co. acknowledged the economic distress and negative fallout from the collapse of the Milwaukee CUSO, but said also the firm, which filed for bankruptcy last week, produced "years of very good earnings for many small Wisconsin credit unions, a fact that should not be overlooked."
"And during those years we were able to provide our members very affordable mortgages," maintained Dean Wilson, chairman of CSMC and president/CEO of the $37 million Focus CU of Menomonee Falls, Wis.
The problems arose, he said, when the mortgage meltdown hit in 2007 worsening last year but on that score CSMC., owned by 25 Wisconsin/ Illinois CUs and the Wisconsin Credit Union League, was not alone in suffering economic pain "when you consider the likes of Bank of American and AIG," said Wilson, who took over CSMC in December.
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