PLYMOUTH, Mich. — Steve Winninger, CEO of the $840-million NuUnion CU here, noted, "Our turkey assumption is based on real estate loans that go into foreclosure. The assumption is that we will want to take the house back and try to sell it. This year has changed that."
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Meanwhile, Evan Clark, CEO of the $220-million Department of Commerce FCU, Washington, D.C., added, "None of our assumptions were real turkeys with the possible exception of share growth. We assumed under 10%, and so far it's over 20%. The scary thing is that we've lowered our rates to nearly nothing and we're still bringing in deposits. And if you liked 2009, you'll love 2010."
