LAS VEGAS — Western Corporate President/CEO Bob Siravo wasted no time addressing the elephant in the room during his opening remarks yesterday afternoon at WesCorp's Credit Union Outlook economic and financial conference.
Siravo reassured members that WesCorp is doing just fine financially, thank you, despite recent news reports of corporate losses. Of the 800 some-odd mortgage backed securities in WesCorp's portfolio, all are paying on time and as projected, he said, which is important to note.
"We always intended to hold those to maturity," Siravo said, adding that reports of MBS paying only 50 cents on the dollar tell the fates of desperate share holders, forced to sell the assets in a down market.
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