NCUA today confirmed that it has sought bids on $800 million worth of securities backed by U.S. Central FCU and Western Corporate FCU investments.
Director of Public and Congressional Affairs John McKechnie confirmed the report, which appeared on the Bloomberg wire today. The report states the bonds are backed by commercial mortgage-backed securities owned by the two seized credit unions.
More information regarding this issuance and plans for other corporate legacy assets will be made public tomorrow, McKechnie said.
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