When asked how the NCUA expects the economy to perform, and what effect it might have on corporate bonds, Office of Corporate Credit Unions official Scott Hunt said economic forecasting is not the regulator's business.

However, Hunt said until housing markets in the so-called "sand states" of California, Nevada, Arizona and Florida stabilize, mortgage backed securities owned by corporates will experience "continued pressure."

Hunt said he will know more about the state of corporate investments next month, after Clayton Holdings delivers valuation reports to many corporates. U.S. Central Chief Financial Officer Kathy Brick said her shop anticipates releasing its third quarter Clayton report around Oct. 31.

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