TIME.com featured credit unions in a piece headlined, "Bad Times for Banks Mean Boom Times for Credit Unions." The article quoted Ed Speed, CEO of Texas Dow Employees CU, who noted its real estate lending has doubled and auto lending is up more than 40%. The article also noted CUs have avoided risky lending practices, saying they are now "having their turn in the sun." "In good times, you'd say these guys are much too conservative," George Hofheimer, chief research officer the Filene Research Institute was quoted as saying. "But in times like these, it's just what the doctor ordered." Not all is rosy, the article made clear, pointing to the 21% of CUs that have lost money in at least one quarter this year.
The work being done by community development CUs was recognized by several national media outlets. Much of the coverage detailed efforts related to assisting members who are saddled with subprime loans. Among those providing coverage have been Newsweek Magazine, which refers to CUs as the "ethical subprime lending industry" and quotes National Federation of CDCUs Executive Director Cliff Rosenthal, and National Public Radio.
New Mexico Educators FCI Mortgage Manager Angela Muxworthy appeared on Albuquerque's Channel 4's "Eye on New Mexico" program. Muxworthy, the new president of the New Mexico Mortgage Lenders Association, appeared with outgoing president John Snyder to discuss New Mexico's current mortgage market and what has transpired with the government bailout and the future of lending in the state.
