NCUA Goes To Market With Corporatesâ€™ Legacy Assets
WALL STREET-NCUA is seeking bids on about $800 million of commercial mortgage-backed bonds collected from U.S. Central FCU and WesCorp FCU, the opening efforts on its bid to securitize as much as $50 billion in troubled mortgage securities held by the corporate credit unions. The bonds, which are being offered through Barclays Capital, are guaranteed by NCUA. NCUA is testing investor appetite for the bonds with the initial offering and hopes to remove as much as $50 billion in toxic assets from the books of the corporates, so-called legacy assets, through securitizations like this.
$700K Donation Is Made To BizKid$ By Invest In America
LIVONIA, Mich.-CU Village, through its Invest in America (IIA) program, said it will provide $700,000 toward the national underwriting of Biz Kid$, the CU-funded TV series that airs on PBS stations across the U.S. and which seeks to teach kids about money management and entrepreneurship. The donation is believed to be one of the largest ever to the Biz Kid$ program, which is managed by the National Credit Union Foundation. In addition to the $700,000 contribution, Invest in America is also asking each of its credit union and league
Funding For New CUSOs Offered
DES MOINES, Iowa-TMG Financial Services, an affiliate of the Iowa CU League, introduced financing alternatives for CUSOs through a new newly created operation called CU Structured Finance LLC. The operation will provide funding for the credit union service organizations, which may have had their funding sources limited or restricted over the past 18 months as credit unions have seen a reduction in funding sources. CU Structured Finance will offer a secured line of credit, access to credit beyond that offered by individual CUSO ow
Members United, Altisource Partner
ALBANY, N.Y.-The $8.9-billion Members United Corporate FCU has entered into an agreement with Altisource Portfolio Solutions S.A. , a provider of knowledge process services related to real estate mortgage portfolio management, asset recovery management and CRM. Members United said the partnership will provide to its 2,100 member CUs origination, modification, loss mitigation and real estate services, as well as technology to credit unions to help them manage distressed loans and mortgage application processing needs.
Judge OKs Member's Lawsuit
CHICAGO-A federal judge has allowed a member to sue Pentagon FCU for breach of contract and discrimination after it canceled his Visa account, allegedly because his income dropped following a railroad injury.
The member, David Powell, sued the credit union for cancelling his Visa account, supposedly due to problems with his credit report. Pentagon had sent Powell two letters notifying him about the cancellation of his account.
The first referred to a credit report by Equifax, but the second letter mentioned only an "investigative report" compiled by Pentagon and third parties, according to court records. Powell said Pentagon violated the Fair Credit Reporting Act by not informing him about the investigative report.
Wright-Patt Sees Mortgages Surge
FAIRBORN, Ohio-Wright-Patt CU last week reported it saw a 263% surge in mortgage applications in August 2010 over August 2009. WPCU said it recorded more than 74 apps and made 237 loans for more than $34 million during August. It credited much of the volume to low rates and resulting refinancings, but has also seen a 40% year-over-year increase in purchase mortgages.