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FORT COLLINS, Colo. and ANN ARBOR, Mich. — The construction loan programs may have ended, but troubles are still piling up for Norlarco Credit Union in Colorado and Huron River Area Credit Union in Michigan. In conservatorship and being run under the watchful eyes of NCUA, which is negotiating with interested parties to stem the mounting losses, the agency’s options may be severely limited.

The sweet life in southwestern Florida, specifically the huge swaths of homes built by First Home Builders in Cape Coral and Lehigh Acres has soured with the down real estate market. Many of the houses are now worth far less than the original contracts to build them. Many buyers’ financial circumstances have changed for the worse, and they are refusing to close and seeking a way out.

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