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Home › Forums › Financial Markets/Economics › Who knew there “were” so many banks, what about the credit unions?

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  • August 15, 2011 at 9:07 PM #19036
    moneymaker
    Participant

    From this site http://www.fdic.gov/bank/individual/failed/banklist.html you can see who failed and who took them over. Most of these banks I’ve never heard of. Most of the acquiring banks I’ve never heard of. What about credit unions? Didn’t they make home loans as well? My credit unions site is acting flaky should I be concerned. Ok found their NCUA site http://www.ncua.gov/Resources/ClosedCU/2011.aspx Have any credit unions in San Diego failed yet?

    August 15, 2011 at 9:43 PM #719704
    GH
    Participant

    My feeling on Credit Unions is that they never really went where banks went on real estate debt. Perhaps they are held to a different standard?

    BOFA is sure sounding sketchy again. Too bad I have held my business account there for 25 years and have been treated well during that time. Also the account is very flexible, so I guess my experience with BOFA differs from most, but then again I never overdraw etc, so most likely I have not triggered their various traps…

    August 15, 2011 at 9:43 PM #719797
    GH
    Participant

    My feeling on Credit Unions is that they never really went where banks went on real estate debt. Perhaps they are held to a different standard?

    BOFA is sure sounding sketchy again. Too bad I have held my business account there for 25 years and have been treated well during that time. Also the account is very flexible, so I guess my experience with BOFA differs from most, but then again I never overdraw etc, so most likely I have not triggered their various traps…

    August 15, 2011 at 9:43 PM #720397
    GH
    Participant

    My feeling on Credit Unions is that they never really went where banks went on real estate debt. Perhaps they are held to a different standard?

    BOFA is sure sounding sketchy again. Too bad I have held my business account there for 25 years and have been treated well during that time. Also the account is very flexible, so I guess my experience with BOFA differs from most, but then again I never overdraw etc, so most likely I have not triggered their various traps…

    August 15, 2011 at 9:43 PM #720553
    GH
    Participant

    My feeling on Credit Unions is that they never really went where banks went on real estate debt. Perhaps they are held to a different standard?

    BOFA is sure sounding sketchy again. Too bad I have held my business account there for 25 years and have been treated well during that time. Also the account is very flexible, so I guess my experience with BOFA differs from most, but then again I never overdraw etc, so most likely I have not triggered their various traps…

    August 15, 2011 at 9:43 PM #720916
    GH
    Participant

    My feeling on Credit Unions is that they never really went where banks went on real estate debt. Perhaps they are held to a different standard?

    BOFA is sure sounding sketchy again. Too bad I have held my business account there for 25 years and have been treated well during that time. Also the account is very flexible, so I guess my experience with BOFA differs from most, but then again I never overdraw etc, so most likely I have not triggered their various traps…

    August 15, 2011 at 10:33 PM #719754
    poorgradstudent
    Participant

    “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.

    August 15, 2011 at 10:33 PM #719848
    poorgradstudent
    Participant

    “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.

    August 15, 2011 at 10:33 PM #720446
    poorgradstudent
    Participant

    “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.

    August 15, 2011 at 10:33 PM #720601
    poorgradstudent
    Participant

    “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.

    August 15, 2011 at 10:33 PM #720965
    poorgradstudent
    Participant

    “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.

    August 16, 2011 at 3:42 AM #719864
    Bubblesitter
    Participant

    There have been a few cases of credit unions in bad shape, but generally they were not making risky investments like the Savings and Loans in the 70s and 80s and many current banks with bubble hangovers. The problem bank list is still enormous.

    I’ve never worked for a credit union, and am proud to say I’ve never had a Bank account in traditional sense (excluding brokerage cash accounts).

    http://piggington.com/i039ve_never_had_a_bank_account

    Bubblesitter

    August 16, 2011 at 3:42 AM #719956
    Bubblesitter
    Participant

    There have been a few cases of credit unions in bad shape, but generally they were not making risky investments like the Savings and Loans in the 70s and 80s and many current banks with bubble hangovers. The problem bank list is still enormous.

    I’ve never worked for a credit union, and am proud to say I’ve never had a Bank account in traditional sense (excluding brokerage cash accounts).

    http://piggington.com/i039ve_never_had_a_bank_account

    Bubblesitter

    August 16, 2011 at 3:42 AM #720556
    Bubblesitter
    Participant

    There have been a few cases of credit unions in bad shape, but generally they were not making risky investments like the Savings and Loans in the 70s and 80s and many current banks with bubble hangovers. The problem bank list is still enormous.

    I’ve never worked for a credit union, and am proud to say I’ve never had a Bank account in traditional sense (excluding brokerage cash accounts).

    http://piggington.com/i039ve_never_had_a_bank_account

    Bubblesitter

    August 16, 2011 at 3:42 AM #720711
    Bubblesitter
    Participant

    There have been a few cases of credit unions in bad shape, but generally they were not making risky investments like the Savings and Loans in the 70s and 80s and many current banks with bubble hangovers. The problem bank list is still enormous.

    I’ve never worked for a credit union, and am proud to say I’ve never had a Bank account in traditional sense (excluding brokerage cash accounts).

    http://piggington.com/i039ve_never_had_a_bank_account

    Bubblesitter

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