SALT LAKE CITY — The merger announced last week between the $2.4 billion Mountain America Credit Union and the $265 million Salt Lake CU is coming in for some critical scrutiny from the Salt Lake media over SLCU's portfolio of adjustable rate mortgages.
An article appearing in the Salt Lake Tribune questioned how the two parties were "quick to tout" the product and branch benefits of the consolidation but did not mention the "ballooning delinquencies" in SLCU's ARMS.
Financial documents filed with NCUA, said the paper, show Salt Lake CU had "an eye-popping $22.6 million in two month delinquencies by last December" as compared to only $315,0687 in September.
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