A small lesson for the big boys; perhaps more will follow…
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Yeah, because those Credit Unions are real fucking safe, with their awesome loans to local municipalities.
One near where some of my family are from recently payed for the entire downtown to get a makeover. Pavement projects everywhere, and fine park spaces with lovely trees.
Sounds great, until you realize the average age of residents in this little city are well over retirement, and if the refurbishments fail to attract a younger generation of homebuyers, well then those loans are going blow the fuck up, now aren’t they?
And of course, nobody seems to be putting the pieces together, figuring out where all these kickass upgrades are coming from. Oh, wait, it’s your savings…but it’s cool, because FDIC has your back,…you hope…
Having worked for a credit union, as far as I can tell the only reason they exist is to lend to people who don’t qualify for loans at major banks. They are essentially mandated to take on more risk, without the resources to hedge said risk.
Of course all this is under a veil of being “community oriented,” which is bullshit. The one I worked for you had to justify opening an account if someone was from out of the area, except if they were applying for a loan. If lending was involved, it didn’t matter where they were from.