According to legacy asset loss estimates provided to CreditUnion Times by the NCUA, investments made by Western Corporate FCU are generating far more losses than thosethat were made at other failed corporates.

As of year-end 2012, WesCorp's estimated losses were $5.7billion, representing 84.4% of the nearly $6.8 billion in totalestimated legacy asset losses. However, according to a chartprovided by the NCUA, the corporate formerly located in San Dimas,Calif., contributed just 39% of total legacy assets.

That's in stark contrast to the four other corporates that hadtheir investments seized by the NCUA and used as underlying assetsfor more than $17 billion worth of NCUA guaranteed notes issued in2011.

U.S. Central FCU's assets show the most dramatic lossdiscrepancy. The former Kansas City-based corporate's $625 millionworth of estimated losses as of year-end 2012 make up just 9.2% oftotal estimates losses. U.S. Central assets totaled 43% of alllegacy assets.

Both Members United FCU and Southwest Corporate FCU legacyassets also contribute fewer losses compared to the size of theirportfolios. As of 2012 year-end, Members United legacy assets wereestimated to produce $214 million in losses, which represents 3.15%of total losses. The corporate's legacy assets represent 9% of thetotal. Southwest Corporate posted $149 million in estimated lossesas of Dec. 31, 2012, for 2.2% of total losses. The Plano,Texas-based former corporate contributed 8% of total legacyassets.

Only the former Constitution Corporate FCU's legacy asset lossesare on par with the size of its portfolio. The failed corporate,once headquartered in Wallingford, Conn., had $72 million inestimated losses at 2012 year end, a bit under 1% compared to thetotal. According to the NCUA, Constitution's assets make upapproximately 1% of the total legacy asset portfolio.

Following a twice-annual review, the NCUA reported in March thatthe highest estimated loss amount declined by $900 million, due to improvements in legacyasset performance. Although the NCUA reported improvements for eachcorporate's legacy assets, WesCorp's portfolio improved far lessthan others.

Between year-end 2011 and year-end 2012, WesCorp's estimatedlosses dropped by $216 million, representing a 3.6% reduction. Incomparison, U.S. Central's estimated losses decreased by 31% duringthe same period, dropping from $906 million to $625 million.

From 2011 to 2012, Members United saw a 28% decrease inestimated losses, Southwest Corporate's estimated losses decreasedby nearly 37%, and Constitution Corporate's legacy assets saw a22.6% decrease in estimated losses.

Federally insured credit unions will pay between $1.6 billion to$3.9 billion in remaining corporate assessments, and have paid $4.1 billiontoward corporate stabilization costs since 2009. The NCUA hasestimated the 2013 corporate assessment will be between 8 and 11 basispoints. The exact number is expected to be revealed during a monthboard meeting sometime this summer.