Mortgage Woes Weigh Down CU Confidence Index

DALLAS – The ongoing crisis in the mortgage market has lowered the confidence level of credit union CEOs in the economy. The quarterly survey, conducted by Southwest Corporate FCU, shows credit unions’ evaluation of their members’ financial condition slipped to just 23.9 in September, from 31.9 in July. The expectation for members’ financial condition six months from now also fell, to 24.6 from 31.9. The confidence index slipped across the board, with CEOs rating their own credit unions’ financial performance an average 57.5, down from 58.7 in July. "With all the attention lately from the housing slowdown, subprime mortgages and low loan demand, it would be reasonable to expect some apprehension from credit unions, particularly with CEOs' concerns pertaining to their members' present financial condition,” said Brian Turner, manager of Southwest Corporate’s Investment Advisory Service.