On Thu, Dec 11, 2008 at 6:18 PM, Jim Devine <[email protected]> wrote: > raghu wrote: >> It is a direct indictment of unregulated free market finance that >> credit unions - the closest thing to a nationalized bank in this >> country are doing extremely well compared to commercial banks. > > huh? credit unions "nationalized"? no, they're community banks, > usually sponsored by corporations, universities, labor unions, etc. > and involving people associated with the sponsoring institutions. The > rules have become lax over the years, but the CUs origins still have > an impact.
I am taking some liberties with terminology here; maybe I should have said "non capitalist owned" banks. The important thing they do not have the rapacious profit motive that led the commercial banks to over-leverage etc. > CUs usually don't do mortgage lending at all. They're mostly for > smaller loans, like for cars. Maybe Texas is different... Yes they do. I am a member of a CU and I constantly get offers for mortgage financing. The Time article I referred to has statistics on the level of mortgage lending by CUs. -raghu. -- "His credit rating is so bad that his junk mail comes postage due." - Anonymous _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
