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PHOENIX — In what is being seen as both a surprising and disquieting disclosure, the $1.9 billion Arizona Federal Credit Union last week reported $42.5 million in midyear losses, one of the largest of its kind among recession-scarred CUs in California and Arizona.

The Phoenix CU, second largest in the state, blamed the losses on delinquencies and charge-offs in its home equity, credit card and auto lending portfolio, much of it a fallout from the economic malaise and real estate slump gripping some of its 230,000 members.

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