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Former Continental Federal Credit Union president/CEO Tom Glatt Sr. voluntarily surrendered the keys to a 4,000 square foot Sedona, Ariz. desert estate, walking out on a 2007 loan from his former employer that had an original principal amount of $958,000.

According to Yavapai County records obtained today by Credit Union Times, Glatt and his wife, Diane, filed a “Special Warranty Deed in Lieu of Foreclosure” April 8 on the property. The balloon mortgage, financed by Continental FCU, was due in full as of December 2009. The county documents do not state the current principal amount remaining.

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