Defendants in the litigation flowing from the liquidation of the Western Federal Corporate Credit Union have served notice that they want to depose the NCUA in the case.
The NCUA Board, serving as conservator plaintiffs in the Western Corporate FCU lawsuit, filed an amended complaint
Increasing concentrations of non-agency MBS drove Western Corporate FCU to failure, NCUA said in its amended complaint against former directors and officers yesterday in U.S. District Court.
When Constitution Corporate Federal Credit Union released its December 2009 financials Feb. 8, reporting an inflated $25.2 million prior undivided earnings deficit, the industry wondered if the $1.3 billion corporate was under conservatorship.
Credit unions will have to find another place to invest up to $1 billion worth of agency mortgage backed securities, according to an industry expert.