March 9, 2009


  • The article is fine. It states what is. The problem is that mortgages were a lousy asset for a credit union's balance sheet before the current housing crisis and they are a worse one now. Locking in longterm assets at a multidecade low in interest rates is just asking for trouble. Credit Unions are setting themselves up for the same problem the thrifts had when interest rates went way up in the 1970's.