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CONCORD, Calif. — Cal State 9 Credit Union Interim CEO Judith Hurst e-mailed Credit Union Times to say that former CFO Richard Headrick was not dismissed by the CU but resigned on his own last October.

Headrick was the architect of the outsourced HELOC lending program whose aggressive underwriting guidelines caused Cal State to lose $45.9 million year-to-date, sending its net worth ratio at the end of September to minus 2.02%, making it insolvent. Delinquency is 7.31% and there is another $24 million in the 1-2 month category. Of some $24.4 million in total charge offs, $23.6 is from real estate loans; the CU charged off $17.6 million in the third quarter alone. And the Real Estate Owned category (foreclosures) now stands at $10.2 million.

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