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WesCorp's Final 2008 Toll: $7.6 Billion OTTI, Plus $5 Billion Unrealized

By Heather Anderson

First, the bad news: according to recently released audited 2008 financial statements, the $14 billion Western Corporate Federal Credit Union recorded a $7.6 billion OTTI. Of that, $6 billion are losses on Option ARM mortgage backed securities.

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Turned Down by 10 Banks, Shoe Store Moves Accounts to CU

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Shelor, Carolinas Telco CEO, Dies

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May 27, 2009

NAFCU Board Members Win New Terms

NAFCU Board Members Shelley Clarke, Cutler Dawson and Michael Parsons won election to three-year terms in balloting that ended Tuesday.

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May 27, 2009

Foreclosure Problem Shifting to Prime Borrowers

The Mortgage Bankers Association reported today that fixed-rate mortgages made to prime borrowers accounted for nearly one-third of new foreclosures during the first quarter of 2009.

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May 27, 2009

New Home Sales Increase Slightly in April

Sales of new homes rose 0.3% last month, the Commerce Department reported today.

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May 27, 2009

Mortgage Rates Decline Again

A 30-year, fixed-rate mortgage averaged 4.87% last month, according to data released today by the Federal Housing Finance Agency.

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May 27, 2009

Four More Deployments for eDOC

eDOC Innovations said it has completed deploying its e-Document Strategy Solution at four more credit unions.

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May 27, 2009

$1.2 Billion and Counting for Madoff Victims

To date, $1.2 billion has been collected for victims of the $50 billion Bernard Madoff investment scam, including a $235 million settlement from one of the firms that did business with him.

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May 27, 2009

Banks, Thrifts Income Declines 60% in First Quarter

The recession-battered banking industry during the first three months of 2009 as FDIC-insured institutions reported a $7.6 billion net income, compared with $19.3 billion during the first quarter of 2008, the agency reported.

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WesCorp's Final 2008 Toll: $7.6 Billion OTTI, Plus $5 Billion Unrealized

Turned Down by 10 Banks, Shoe Store Moves Accounts to CU

Shelor, Carolinas Telco CEO, Dies

Recommended Just For You

News Stories

NAFCU Board Members Win New Terms

Foreclosure Problem Shifting to Prime Borrowers

New Home Sales Increase Slightly in April

Mortgage Rates Decline Again

Four More Deployments for eDOC

$1.2 Billion and Counting for Madoff Victims

Banks, Thrifts Income Declines 60% in First Quarter