Western Corporate FCU's investments are performing worse than previously estimated by the NCUA and Clayton Holdings, according to new OTTIs recorded for March.
The permanent impairments were prompted by increased loss projections, said NCUA Director of Congressional and Public Affairs John McKechnie.
"This stems from deterioration in actual loan performance, as well as projected deterioration in future conditions," he said about WesCorp's March 2010 financial report, which included $49 million in new OTTIs. Private label residential mortgage-backed securities were responsible for $34.4 million worth of the new credit losses.
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