Lending

The $3 billion Teachers Federal Credit Union has partnered with MEMBERS Trust Co. to offer a reverse mortgage program to its members.

Credit unions are filling the auto lending void left by the elimination of Chrysler Financial with a continuation of its Invest in America partnership with Chrysler.

The $84 million West Texas Credit Union reported approximately 12% net worth as recently as September 2008. However, it has taken a beating somewhere on the balance sheet each quarter since, leaving it with only 0.12% net worth as of March 31.

Every now and then, Centennial Lending LLC will spot a gem but lately, the business and mortgage lending CUSO has had to turn down many shoddy loans previously serviced by banks.

After the announcement that Chrysler will file for bankruptcy and has entered into an agreement with Fiat, CUcorp CEO David Adams said these events make credit unions even more important to automakers and consumers.

President Obama announced this afternoon that Chrysler will seek bankruptcy and enter an alliance with Fiat.