NEWARK, N.J.-The federal bankruptcy court named seven credit union managers to the unsecured creditors' committee for CU National Mortgage/US Mortgage Corp., which apparently only did business with CUs.
The CU executives include: Chris Conway of Educational Systems FCU; Lisa Mingoia, Suffolk FCU; Robert Squillante, Picatinny FCU; Alfred Scipio, Treasury Department FCU; Ronald Roy, Energy FCU; Harry Jacobson, Pinnacle FCU; and Ann South, Novartis FCU.
The seven CUs are among almost 30 that claim CU National illegally transferred as much as $160 million of their mortgages to Fannie Mae without their authorization and failed to remit the proceeds. The court, the U.S. Bankruptcy Court for the District of New Jersey, also scheduled a hearng for May 11 on several motions.
