Credit Union lending – as out of control as the banks?

Down at the bottom of this article (Guarantor of friend’s loan loses her home) in The Irish Times this morning is this gem:

In a separate case, also involving a guarantor, Charleville Credit Union sought to obtain an order for sale against a home and farm in Co Cork on condition the elderly owner was allowed to stay in his home for the rest of his life. The man had guaranteed a €720,000 business loan for his son.

Really? A credit union giving a €720,000 business loan? I wonder how that fits into the “common bond” for the Charleville Credit Union.

It certainly doesn’t fit in with what most people would expect credit union loans to be made for:

So, whatever you’re borrowing for — a car, home improvements, a special occasion, holiday, school or college fees — your place will give you a fair deal.

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