Western Corporate FCU reported nearly $50 million in new OTTIs in its March financial reports, posted on the San Dimas, Calif.-based corporate’s website. (www.wescorp.org) Losses suffered on Option ARM backed, private label, residential mortgage backed securities were responsible for $34.3 million worth of the $49.4 million OTTI.

The permanent impairments resulted in a $36.3 million net loss for the month of March. However, WesCorp is only down $10.4 million for the quarter; the corporate earned $45.7 million in net interest income during the first quarter and $7 million in fees to offset the OTTIs and nearly $14 million in operating expenses during that period.

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