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Buried on page 16 of a recent report from the NCUA’s Inspector General – innocuously titled “Semi-Annual Report to Congress, October 1, 2010 – March 31, 2011″ – is this bombshell: “NCUA determined that the Constitution, Members United and Southwest Corporate credit unions’ portfolios were reasonably likely to sustain credit losses amounting to approximately $145 million, $400 million and $980 million, respectively.”

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