Members United Corporate Federal Credit Union found one way torecover OTTIs from a previously impaired bond: sell it.

The $7.4 billion corporate recorded a $7.5 million profit duringthe month of August on a Syncora Guaranty-insured bond that hadpreviously been written down to $0 after SGI suspended claimspayments. When the monoline insurer announced it would resumeclaims payments in July, the bond's value surged to $7.5million.

"SGI's financial condition remains weak and uncertain,therefore, a decision was made to accept the offer and lock in $7.5million of value," the corporate said in its notes that accompaniedthe financial reports, posted online yesterday.