Member Relationships Buffer CUs

WALL STREET - The crisis in the mortgage industry has been slow to take hold among credit unions, but they are weighing the impact of the meltdown. Countrywide, which announced lay-offs this week, has correspondent relationships with hundreds of credit unions. American Home Mortgage, which shut down two weeks ago, had loan offices in more than 50 CUs after telling its bank and credit union customers it could no longer fund mortgages to which it had committed. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

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