Credit Unions a Haven in Mortgage Storm

Behind the headlines of the credit crisis that has engulfed the U.S. stock market, a growing number of Americans are defaulting on their mortgage loans. The rest of us are wondering how we can avoid becoming part of the statistics.

For those pondering a new mortgage, a home-equity loan, a car loan or some other form of borrowing at an uncertain time like this, federal credit unions may offer a credible alternative.

Consider this: While mortgage default rates are spiking at banks and other lenders like mortgage giant Countrywide Financial (CFC Quote), the default rates at credit unions on almost $200 billion in home loans outstanding in the U.S. is close to zero, according to the Credit Union National Association. ...