Therefore, they’ve tightened their underwriting criteria, conscious of laws that they could be forced to buy them back if they sell bad or unsupportable loans to investors.
Credit unions never experienced the amount of losings that the banking institutions did. “I think something similar to 500 banking institutions failed, but no more than 150 credit unions did, ” Schenk said. “We weren’t saddled having a large amount of bad loans that the banks that are big. […]