The $8.9 billion Members United Corporate Federal Credit Uniondidn't include any shockers in its July 2009 financial statements,released earlier today. Member credit unions had already beeninformed the Warrenville, Ill.-based corporate would record $81million in U.S. Central member capital account depletions in July,so the reported $78 million net loss for the month wasexpected.

In fact, the most interesting information in the financialreports pertained to the continued deterioration of monolineinsurers, which sold credit enhancements to several corporates toguarantee timely payments of interest and principal on structuredinvestments.

In addition to FGIC and Syncora Guarantee, which have alreadybeen reported as impaired, insurer Ambac recently suffered severeratings downgrades last month by S&P. Combined, FGIC andSyncora only represent 1.4% of Members United's invested assets;however, Ambac backs 4.1%, representing nearly $400 million.