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 Getting 'better' all the time: Feds Seize Top Credit Unions

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Getting 'better' all the time: Feds Seize Top Credit Unions Vide
PostSubject: Getting 'better' all the time: Feds Seize Top Credit Unions   Getting 'better' all the time: Feds Seize Top Credit Unions Icon_minitimeSat Mar 21, 2009 7:41 am
Federal regulators have taken control of two major corporate credit unions to stabilize the industry, Bloomberg reports. The institutions, which have combined assets of $57 billion, had an unacceptably high level of risk from mortgage-backed securities, the regulator said. Service at the US Central Corporate Federal Credit Union and the Western Corporate Federal Credit Union will continue uninterrupted.

The credit unions, which provide services to thousands of retail credit unions nationwide, were carrying the bulk of the mortgage-backed securities that are poisoning the industry. Regulators said their hand had been forced by the critical state of the corporate credit union business, used by 90 million Americans. An insurance fund maintained by the industry is expected to cover the costs.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aDuvFYn6_MFM&refer=home
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