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ALEXANDRIA, Va. — An NCUA guidance letter to corporate credit unions on credit and market value risks of mortgage-backed securities has some corporates touting their safety and ensuring their members they are not at risk from the subprime market.

The NCUA letter states that as of yearend 2006, corporate credit union exposure to securities collateralized by real estate totaled 75.34% of all marketable securities. “Problems recently reported with underwriting and servicing of many subprime and nontraditional loans intensify the need for adequate monitoring of MBS by management, since such loans may have been securitized,” NCUA wrote.

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