credit union mortgage: Credit Unions Step Up to the Plate!
- 12/30/08 06:22 AM
While Banks and Savings and Loan institutions nationwide have been busy lining up to the public trough for bailout funds, another institution has been busy writing home mortgages, your neighborhood credit union! Surprised? Don't be, since credit unions have been writing home mortgages for years- they just have a different business model than the big boys. Credit unions are non-profits that exist to make money, just not profit. Their basic business plan is simple: credit unions receive deposits, and use that money to make loans. They then charge more on those loans than is paid on deposits. Ta-Da! A business that … (0 comments)
While Banks and Savings and Loan institutions nationwide have been busy lining up to the public trough for bailout funds, another institution has been busy writing home mortgages, your neighborhood credit union! Surprised? Don't be, since credit unions have been writing home mortgages for years- they just have a different business model than the big boys.;)
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