For what may be the first time ever, a credit union has become the biggest source of housing finance for a major metropolitan area in the U.S.
According to data collected by the Federal Financial Institutions Examination Council, more home purchasers in the Madison, Wis., area chose the UW Credit Union to finance their home loans than any other lender in 2010.
The FFIEC collects home mortgage data and published a report on the 2010 data in September. The Madison statistical area includes the Dane, Sauk and Iowa counties and includes over 500,000 residents. The report indicated the credit union had lent $83 million in money to fund new real estate loans in 2010.
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