Throughout the news here recently, all that is being discussed are the problems many financial institutions in the U.S. are facing. Politicians are looking at ways to shore up the FDIC and many of these banks with huge portfolios of bad loans. Huge government bailouts are being discussed.
OFCU members can sleep well knowing that their local credit union remains strong. OFCU has steered clear of subprime lending and continues to practice responsible lending. Delinquencies remain low, and our capital to asset ratio is very solid. While many in the media are talking about a credit crunch, and how it will be difficult to obtain a loan, OFCU is still lending money to the local communities it serves. We are still running our 1% cash back loan promotion. Bring us your non-OFCU loan and you could get up to $200 cash back instantly. We've been running this promotion since April and it continues through the end of 2008.
So when the media starts telling you about how bad things are with all the financial institutions and how no one is lending money, you can just laugh and realize they obviously don't do business at OFCU, or any of the other credit unions nationwide that are safe and sound and doing business the right way, in the best interest of their members!
At OFCU you have NCUA insurance from the National Credit Union Administration for up to $100,000 on individual accounts and up to $250,000 on IRA's. Rest assured your money is safe at OFCU, and we want your business. OFCU, we're ready when you are!
Greg
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2 comments:
thanks for your assuring words, but forgive me if I am wrong but wasn't Otero offering home loans the same as the other financial institutions?? If Otero was/is offering home loans then Otero would be in the same situation as the other financials. Is Otero offering home loans???
Thank you very much for your response. I am glad to respond to your questions.
The current financial crisis has been triggered by high default rates on sub-prime and adjustable rate mortgages. OFCU does not participate in sub-prime mortgages or adjustable rate mortgages. OFCU's current mortgage delinquency rate is 0%(zero), including home equity loans. OFCU saves its member hundreds if not thousands of dollars on every mortgage it does over that of other mortgage providers by way of reduced fees at closing. Credit Unions have done mortgage lending since 1977, and OFCU has been doing mortgage lending since 1994.
The basic purpose of credit unions is to encourage savings while promoting prudent borrowing for reasons such as a big purchase (home, auto), an emergency, or for educational needs. From their origins, credit unions were unique depository institutions created not for profit, but to serve their members. OFCU 's members themselves exercise democratic control of the credit union by attending and participating in regular membership meetings and by electing the board of directors. The board appoints a supervisory committee to act as independent "watchdogs" of the credit union. Each member is entitled to one vote, regardless of the number of shares owned, and no member may vote by proxy. The board of directors has responsibility for directing and controlling the affairs of the credit union and providing effective management of the credit union's operations.
I hope this addresses your concerns about OFCU's mortgage lending, feel free to call me at anytime. OFCU's statement of financial condition is readily available for viewing at any of our locations.
Gregory Shaver
VP of Marketing
Otero FCU
(505) 443-7070
gshaver@oterofcu.org
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