NCUA Completes Final Securitization Transaction
The NCUA has completed its 13th and final guaranteed note transaction, the agency announced Thursday.
This transaction yielded $2.21 billion and the overall sale netted $28.3 billion.
The notes are funded by cash flows from corporate credit unions' legacy assets.
After conserving five corporate credit unions, the agency isolated almost $50 billion in troubled assets, mostly mortgage-backed securities, held by these institutions.
“NCUA has achieved another milestone in our corporate resolution plan,” NCUA Chairman Debbie Matz said in a statement.