My credit union (Patelco) took a 41 million dollar write off on 150 million in “sub-prime” auto loans, and has declaired their sub-prime issues over.
The loans were apparently made through a “partner” company via a Patelco line of credit. What is a stoggey old Phone company credit union doing making sub-prime loans through a partner auto lender?
They also recently dropped their private depositor insurance through ASI releasing ASI from 40% of their total insured liability, and re-aquired Fed credit union insurance – putting the burden on the tax payer if they go under. Patelco’s chairman was on ASI’s board.