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Questions and Answers
Savings banks and savings and loan associations are commonly known as credit unions.
False
A mortgage company is a depository institution that accepts deposits.
False
A loan originator arranges loans and is paid through a commission.
True
An independent mortgage company is subject to the same regulations as depository institutions.
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The FHA-insured loan program allowed loans to be paid off over 30 years at a variable rate of interest.
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During the crisis of the 1980s, federally insured savings and loans remained solvent.
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Credit unions provide financial services only to labor union members.
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Thrifts emphasize savings accounts for large depositors.
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In 2008, the government took over control of Fannie Mae and Freddie Mac due to the credit crisis.
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A credit union is a for-profit financial institution.
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