I’ve been watching my own credit union like a hawk, To their credit, they’ve been very conservative and cautious, reduced their mortgage portfolio by half in 2007, ceased mortgage lending entirely for over a year, and are now cautiously re-entering the market with stringent underwriting regardless of how good the FICO score is, and 30% down payment. Never did get into the ARM madness, so that exposure is nil.
So has mine. They're currently rated at 5 stars by Bauer and 4 by Bankrate.
They were forced by the NCUA to help bail out their own wholesale CU to the tune of over $1M. Don't know the terms of repayment.