Where's NCUA Mea Culpa?
The gnawing question is why should those credit unions who have managed well take a hit because large corporates unwisely went overboard in investing in risky mortgage- based on securities? Nor is the NCUA blameless. As far back as 2003, mortgage-based securities made up 30% or more of some corporate portfolios. In its oversight responsibility, the NCUA should have raised a risk flag at that time. It did not. Where is the mea culpa?
It is not a time for credit unions to accommodate assessments. That does not bode well for credit unions members who must foot the bill for an assessment that is almost predatory.