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ANN ARBOR, Mich. — The losses at Huron River Area Credit Union may have already sunk the CU and the footsteps of a purchase and assumption may not be far behind. HRACU may well go the way of Norlarco Credit Union in Fort Collins, Colo., which the NCUA put up for sale to the highest bidder a few weeks ago.

HRACU reported $73.1 million in loans that are more than two-months delinquent in the third quarter, compared to $37.4 million for the end of June and only $3.5 million in Sept. 2006. The $71.1 million is all in the first mortgage fixed rate/hybrid balloon loan category, most of which were made in Lee County Florida, the now infamous Lehigh Acres land development also associated with Norlarco. HRACU has been in conservatoship since last February and is being run by NCUA.

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