Actors Have Their Own Credit Union

Since it's Oscars week, a story in today's New York Daily News is especially timely. Actors Federal Credit Union in New York City focuses on the needs of--you guessed it--actors.

The credit union's first mortgage borrower was "Law & Order" star Jerry Orbach, who died in 2004. When he got a loan for a West Side brownstone in 1967, he had a role in "The Fantasticks," which became the longest-running off-Broadway show ever.

One credit union loan officer named Paul Cole is a former actor. When making a home loan, Cole doesn't just consider a potential borrower's credit history. He really knows his members:

"When a would-be borrower's main source of income is a play, Cole checks ticket sales, reads reviews and tunes into industry buzz to assess its chances for a continued run."

The story explains why this credit union is so focused on these thespians:

Because it's a credit union, it's a nonprofit owned by its members. Deposits fund the mortgages. It keeps its $35 million mortgage portfolio, rather than reselling the loans to investors, the common practice which contributed to the subprime mortgage mess.

Cole also explains his prudent due-diligence in making mortgage loans:

"We are determined to make our members homeowners, but we're not a charity," he said. "We must also protect our assets."

Click here for the complete story. That's a wrap!