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Legacy Assets Available to CUs

By Heather Anderson

Credit unions will be allowed to purchase securitized legacy assets, said NCUA Deputy Executive Director Larry Fazio.

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September 23, 2010

NCUA Seizes Three Corporate Credit Unions

NCUA today placed three corporate credit unions into conservatorship: the $7.4 billion Members United Corporate FCU, the $9.5 billion Southwest Corporate FCU and the $1.2 billion Constitution Corporate FCU.

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September 23, 2010

Credit Unions Own Legacy Assets Upside and Downside

New securities issued from legacy assets will be guaranteed by NCUA, said Deputy Executive Director Larry Fazio.

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September 23, 2010

Legacy Asset Trust Will Prevent Write-Downs, Increase Transparency

NCUA will transfer the legacy assets from five seized corporates into a trust, and securitize them for investors from there.

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September 23, 2010

On-Site Coverage: Trades Have Mixed Reactions To NCUA Actions

ALEXANDRIA, Va. -- CUNA President/CEO Bill Cheney said today's actions were a good first step while NAFCU President/CEO Fred Becker said he was pleased and it could have been worse.

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September 23, 2010

NCUA: Some Corporates Can Retain Legacy Assets

Not all corporates that own legacy assets will be required to give them up to NCUA, according to final corporate rules posted online today.

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September 23, 2010

U.S. Central and WesCorp Shed Assets to Repay Treasury

NCUA's sale of $800 million worth of U.S. Central FCU and Western Corporate FCU securities announced yesterday wasn't part of the regulator's legacy assets plan.

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September 23, 2010