FORT COLLINS, Colo. – NCUA confirmed yesterday it had taken over troubled Norlarco CU in the face of mounting losses on its mortgage loans. The state’s eighth-largest credit union has seen a major increase in real estate delinquencies and in related losses in the second quarter. Mortgage delinquencies, most of them second mortgages and construction loans, rose from $6 million in March to $56 million in June, while net losses rose from $3 million in the first quarter to $5 million. The credit union reported $2.7 million in net income for 2006. NCUA confirmed it took over the $400 million credit union in May.
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