Financial Services Industry
Industry: Email Alert RSS FeedMica In Appearance On Bloomberg TV
Credit Union Journal, The, October, 2007
CUNA President/CEO Dan Mica Thursday provided the credit union perspective for the average American regarding problems in the subprime mortgage market during a live interview on Bloomberg TV. Mica told the audience that if the entire mortgage market was the length of a 100-yard football field, problem subprime mortgages would equal only about the first yard. He added, however, that the effect on the housing market is significant and could require four to five years to work through.
Mica said that despite an August credit crunch inspired by jitters about the subprime mortgage market, there is still credit available for average Americans, including at credit unions, which he reminded remain in healthy condition. "Credit unions are there and they can and do help," Mica said....
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