Mortgage haven: Credit unions

With recent subprime mortagage news leaving many seeking solid ground, some are pointing to credit unions as a "haven." But don't take my word for it.

In Friday's edition of the economics website thestreet.com, reporter Nat Worden said "Credit Unions a Haven in Mortgage Storm."

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.

And his reasoning...

Unlike other lenders that have now run into trouble with widespread defaults, credit unions hold the majority of the loans they make in their portfolio, rather than sell them off into the secondary market. This structure gives them a greater incentive to attract keep their members satisfied -- and solvent -- in the long term.

Glean more from his wisdom here.