|Dwight Johnston, Vice President and Chief Economist for the California and Nevada Credit Union Leagues|
STAYING AHEAD OF THE MORTGAGE CURVE
updated 10/17/13 10:55 AM
Some Positives for CA, NV
With a sudden surge in mortgage rates, it’s time to look at the impact. It’s not as bleak as you might think.
I’ll start with the bleak. The refinance market has hit a brick wall. Activity in the United States fell by more than 50 percent since the first quarter, and a further slowdown is likely.
When mortgage rates were at their lows in early 2013, 80 percent of all U.S. mortgages could theoretically be refinanced. This doesn’t take into consideration that some mortgages wouldn’t be eligible due to having negative equity. The 80 percent dropped to 30 percent.
PENALTY POLICY: SMALL VS LARGE CUs updated
09/11/14 06:50 AM
Federal Reserve’s Impact
The Federal Reserve’s ultra-low interest rate policy created the desired impact when it was instituted in 2008. Short-term funding costs plunged for financial institutions, allowing them to cheaply fund higher-yielding assets and restore capital.
CUNA APPOINTS JIM NUSSLE AS CEO updated
09/09/14 11:34 AM
Will Assume Role in Coming Weeks
Jim Nussle has been named president and CEO of the Credit Union National Association (CUNA) and will assume his new role in Washington, D.C. in the coming weeks, according to CUNA.
5 YEARS LATER, 3 DIFFERENT STORIES updated
09/05/14 07:55 AM
Varying Circumstances After Recession
An anecdotal journey across California five years after the Great Recession shows how some credit unions are girding their operations and members for the next future downturn as the ambition to stay financially stable shifts into high gear.
ENTER THE 'WE OWN OUR BANK' CONTEST updated
09/05/14 03:36 PM
Submit your favorite summer photo
Don’t miss out on the chance to participate in the "We Own Our Bank" summer photo contest and win an iPad Mini!