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The second-largest credit union in the nation has opened a firm to help it manage the amount of real estate on its books in the wake of the Great Recession.

According to NCUA records, the 1.8 million-member, $25.5 billion State Employees’ Credit Union in Raleigh, N.C., has just under 500 repossessed or foreclosed properties on its books worth roughly $49 million.

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