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Ex-CEO Walks Away From Mortgage

SEDONA, Ariz.–Recently departed REALTORS FCU President/CEO Tom Glatt walked away from a nearly 4,000 square foot home here earlier this year Credit Union Journal has learned. Glatt turned in the keys to Continental FCU, where he served as CEO from August 2006 until December 2008, in April as part of a deed in lieu of foreclosure transaction. According to Yavapai County records obtained by the Journal, Glatt apparently purchased the property in 2002 for $749,000 and obtained a $958,000 balloon mortgage from Continental in 2007 that was due at the end of 2009. There was no information available to determine how much of the principal remained outstanding.

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