Citing "a divergence among loss projections," the $9 billion Southwest Corporate Federal Credit Union did not record any new third quarter OTTIs, according to its October financial reports.
The news comes after the $8.5 billion Members United Corporate FCU recorded a $77 million OTTI per its third quarter Clayton report, and the $28 billion U.S. Central FCU recorded a $320 million third quarter OTTI.
Southwest Corp recorded $113.5 million in OTTIs as of June 30 because its private label mortgage backed securities portfolio "experienced a significant degree of deterioration," said Chief Financial Officer Melissa Wardell.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
- Educational webcasts, white papers, and ebooks from industry thought leaders.
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
