Titan has remained at the forefront of mortgage banking with our focus on the emergence of small community banks and credit unions. In the post-megabank environment, where banking had the same intimacy and charm of an airport terminal, we see a retrenchment of consumers seeking safety, reliability and personalized service. This article outlines what we have been talking about for a long while…
“As U.S. banks retreat, credit unions step up loans”
“As the U.S. economy weakens and the country suffers its worst housing crisis since the Great Depression, big “money center” banks — after years of reckless lending before the housing bubble burst — have cut back drastically on loans.
But lending by credit unions is steadily rising. Credit unions are nonprofit cooperatives owned by their depositors, or “members.” Credit unions are as a rule much smaller than commercial banks, with average assets of $93 million in the United States in 2007 according to the Credit Union National Association (CUNA), compared to $1.53 billion for banks.
According to CUNA, there are more than 8,000 credit unions in the country.”
Read the full article: “As U.S. banks retreat, credit unions step up loans”
