In a surprise move, Central States Mortgage Co., a Wisconsin-based CUSO and one of the nations's largest mortgage units servicing 250 CUs, suspended operations Monday following long running court litigation and a management shakeup involving the CUSO.
Central States, owned by 25 Wisconsin CUs and the Wisconsin Credit Union League, has been the object of civil suits following apparent losses in the secondary market.
While expressing surprise at the sudden closing of Central States' offices in the Milwaukee suburb of Wauwatosa, officials of the Wisconsin League stressed those losses from Central States' troubles "were realized and written down last year" by the CU owners.
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