Credit unions worked hard in 2011 to continue to build their housing finance programs even as the overall housing industry continued to struggle with low home prices, high foreclosure rates and significantly tighter mortgage underwriting rules.
The chief problems in the overall housing industry were the continuing dilemmas launched in the housing finance crisis in 2008 and 2009.
The first wave of housing problems that hit in 2010 had been housing prices that continued to significantly fall from their previously inflated highs. Those falling prices trapped homeowners into mortgages that were well above the property’s current worth.
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