The real estate crisis, hitting across the country, has put 1million homes in the hands of banks and credit unions with homeloan delinquencies now topping 10%, CUNA Mutual Group's Jeff Posttold Southeast CU conferees Thursday.

Addressing the inaugural convention of the League ofSoutheastern Credit Unions in Orlando, the insurer's president/CEO,forecast that "this isn't going to be a bounce-back economy" sincethere are "torpedoes in the water and difficult times ahead forcredit unions."

But the CUs that use the current environment "to implement costsavings and collaborate to improve their performance will reap thebenefits" when the economic downturn eases.

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