“U.S. credit unions are not-for-profit, cooperative, tax-exempt organizations.”
Credit Unions had no incentive to heavily leverage themselves chasing higher profit margins. A lack of apatite for risk meant avoiding the whole sub-prime problem. While I’m sure most have some underwater mortgages thanks to the overall meltdown, they probably weren’t giving out nearly as many “liar loans” and weren’t sunk as a result of the mess.
