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| A Note About the Credit Crisis |
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| Posted: Sep 19, 2007 |
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You may have noticed the recent media attention centered on the “credit crisis” related to subprime mortgage lending. “Subprime” mortgage lending refers to the practice of making loans to borrowers who do not qualify for the best market interest rates because of a deficient credit history.
BFSFCU does not engage in subprime mortgage lending, and is thus not directly affected by the recent credit crisis. All of the Credit Union’s real assets are backed by a strong base of member deposits and a conservative capital base. The Board of Directors and senior management conduct a monthly assessment of the progress of the Credit Union’s deposit and loan growth and make adjustments to pricing and investment strategy as dictated by changing market conditions.
These financial data show the current unaudited fiscal condition of BFSFCU. For more comprehensive financial statements, please refer to the 2006 Annual Report.
Since our inception in 1947, BFSFCU has striven to provide a stable and convenient source of credit and a secure place to save for the staff of The World Bank Group and the International Monetary Fund and their families. As we approach our 60th anniversary, BFSFCU is proud to continue to provide a full suite of financial services tailored specifically to meet the unique needs of our membership, with the financial safety and security you expect from your credit union. |
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