United Nations Federal Credit Union (UNFCU) has launched a mortgage lending program targeting medical and dental professionals purchasing primary residences in the United States.
The initiative enables doctors to join UNFCU through its partnership with United Nations Association of the United States of America. The credit union is using this association as a vehicle to circumvent field of membership restrictions.
Moreover do doctors and dentists really need taxpayer subsidized financial services?
It seems that the benefit from the credit unions' preferential tax treatment is going to people in the upper portion of the income distribution.
This is just another example of credit unions straying from their mission of serving people of modest means.
Read the press release.
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Unless UNFCU has a surgeons-only club, most doctors and dentists are the new middle-class. The US Govt made sure to fix all that, much the same as they did community banking.
ReplyDeleteNot all doctors and dentists are rich, Associations are part of a FOM. Not a vehicle to "circumvent FOM restrictions."
ReplyDeleteReality check!! So Not all doctors or dentists are rich...I'd bet that <95% are not of modest means either...you have to be blind or a fool not to see the blatant over-step by this credit union---it is time to make them pay taxes and le tet them serve whomever they want (legally that is, under current conditions they serve whomever they want anyway--they just don't pay taxes!!)
ReplyDeleteAre you kidding? Obamacare have stripped doctors of the few dollars they can get from Medicare and Medicaid to reimburse them. Doctors and dentists are treated like teachers in our society. The surgeons do well, but the GPs are struggling paying for their $200K student loans. That is the problem, not what the credit union is doing!
DeleteAnd you knwo this for a fact. Please show proof that doctors qand dentists are struggling to pay 200k student loan debt.
DeleteThe problem with what the tax exempt credit union is doing is making specific programs for groups that are not of modest means.
Yes, genius, I know this for a fact. Unlike you, who sits in his office twiddling this thumbs between golf outings, I visit with doctors at county hospitals who can't buy a home because they're saddled with $200K student loans.
DeleteYeah that's me.....please show us some sources..some proof other than "David M Green knows because he talked to someone"...give something other than your spewing it
DeleteGuess they should make sure that banks, who pioneered this type of loan, get all the business for doctors!
ReplyDeleteNot what anyone said...what is being said is that should CU's use there tax exempt status to run specific programs for doctors and dentisits
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