What’s Happening with Home Loans?
Turbulence in the financial markets has sent the stock market on a roller coaster ride. Reputable firms have found themselves in financial difficulty—some even considering bankruptcy. Much of the blame is being directed at the subprime lenders. Subprime loans, often billed as “creative financing,” offered popular rate packages, but the loans posed more risk for borrowers. With a 50-year history in lending, USUCCU was concerned about offering high-risk loans. While we’ve always tried to help members qualify for ownership, we couldn’t press beyond the bounds of good judgment and allow borrowers to become victims of unforeseen difficult situations. We made our members a priority by providing financial education about the real differences felt by borrowers with high-risk versus low-risk loans, while continuing to offer sound mortgage loans at competitive but realistic rates.