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The $30 billion U.S. Central FCU reported a $39.4 million second quarter net loss today, further depleting the corporate stabilization fund’s $1 billion capital note to $310 million. The seized wholesale corporate reported a $44.5 million net loss during first quarter 2010.

According to financial reports posted on U.S. Central’s website, the second quarter loss was the result of $44.9 million in other-than-temporary-impairments to U.S. Central’s non-agency residential mortgage backed securities. Ineffective derivatives strategy was blamed for an additional $5.8 million investment loss during second quarter.

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