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.
After months of speculation, the NCUA revealed on Sept. 24 a "good bank, bad bank" plan to deal with corporate legacy assets.
New securities issued from legacy assets will be guaranteed by NCUA, said Deputy Executive Director Larry Fazio.
NCUA's legacy assets plan will create a "good bank, bad bank" structure similar to a strategy previously utilized by FDIC.
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