If you weren’t sure, you now know who wasn’t responsible for the financial crisis of 2008. According to Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), it wasn’t the Credit Unions. I guess it was those unscrupulous Independent Mortgage Bankers, the Mortgage Brokers and the Banks (of all sizes), along with their affiliates, that all contributed to the…
Tag: Credit Unions
One Lender’s Trash is Another Lender’s Treasure
Over the past few years, the source of home financing has steadily shifted from the big Banks over to non- bank lenders. Lenders like Independent Mortgage Lenders, Credit Unions and smaller Community Banks. In 2007, the Commercial Banks held a 74% share of mortgage loans, 3 of every 4 homes were financed by a large Bank. Lately, things have changed.…