News

The economy continued its downward slide during the first three months of the year, though at a slightly slower pace than during the last quarter of 2008.

First, the bad news: according to recently released audited 2008 financial statements, the $14 billion Western Corporate Federal Credit Union recorded a $7.6 billion OTTI. Of that, $6 billion are losses on Option ARM mortgage backed securities.

Francis Jamiel was so frustrated that the bank his Rhode Island shoe store had done business with for 30 years turned down his refinance request, he moved all of his accounts to Coastway Credit Union.

Funeral services will be held in Charlotte Saturday for Roger Shelor, president/CEO of the $332 million Carolinas Telco FCU, who died Tuesday. He was 78.

NAFCU Board Members Shelley Clarke, Cutler Dawson and Michael Parsons won election to three-year terms in balloting that ended Tuesday.

The Mortgage Bankers Association reported today that fixed-rate mortgages made to prime borrowers accounted for nearly one-third of new foreclosures during the first quarter of 2009.