Friday, April 11, 2008

Meanwhile, Back in the Mortgage Mess

Last week Salt Lake Credit Union announced it was merging into Mountain America Credit Union. This week the condition of SLCU's adjustable-rate residential construction loan portfolio came to light. In September SLCU reported that it had $0 in 2-6 month delinquencies; in December it reported $824,604. In September it reported $315,857 in less than 2 month delinquencies; in December it reported $22.6 million. Does anyone else see a problem here, especially with a lot more ARMs set to reset this year? SLCU's first quarter report is due in about a month. I think people need to be watching for it.

0 Comments:

Post a Comment

<< Home