On Friday, the NCUA released a long-awaited summary of the PIMCO corporate credit union investment valuation. The report was chock full of justification for hiring the controversial vendor, but didn't provide any numbers or specifics regarding the $4.5 million deal.

The summary repeated what NCUA has already told the industry: it selected PIMCO based on the firm's strong reputation and independence. The agency also revealed that it vetted three vendors before settling on the Newport Beach, Calif.-based firm, one of a handful participating in the federal government's plan to sell distressed assets held by guaranteed entities to the private market.

According to the summary, PIMCO's advice includes holding on to troubled investments "in the intermediate term," and potentially "repackage some of the senior RMBS securities" to enhance liquidity.