It was a shock and it was unprecedented. The NCUA hammer brought down on the legacy assets held by the corporate system during 2010 caused it to reel as never before.
The ripple effect from the NCUA rulings on those assets are still causing economic pain for thousands of natural person credit unions from coast to coast while also forcing the massive restructure of the corporate network.
Despite the negative fallout from the five seized corporates-three of which were taken over Sept. 24-the silver lining from the legacy asset conundrum has been that only the seized corporates (WesCorp, U.S Central, Southwest Corp., Members United and Constitution Corp.) had their legacy assets packaged up into new securities and sold on Wall Street.
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