Not All Banks Fell Into the Subprime Trap

I've been writing for a while about the losses felt by banks and investment firms caused by the rampant subprime lending practices of the last few years, so it was a pleasure to read about at least one bank that managed to avoid joining the crowd.
Despite the fact that their loan originations have increased 50% since 2007, Hudson City (NJ) Bancorp has reported second-quarter profits up 53.3 percent. Only 328 of their nearly 80,000 loans were nonperforming in the second quarter. Hudson City banks
the old fashioned way. It takes deposits and gives mortgages to borrowers who intend to live in their properties...no subprime, no securitization...and it services them itself. It also required at least a 20% down payment, and the average loan that they carry has a 39% down payment. Unusual in this day and age? Overly conservative? Maybe, but their stock is up 50 percent in the last year, and not many banks can claim that.