The National Credit Union Administration is struggling with a $23 billion question: what to do with the tanking mortgage-backed securities of two big failed corporate credit unions.

That is the face value of the securities that belonged to U.S. Central Federal Credit Union and Western Corporate Federal Credit Union, which the regulator took over March 20. The securities are now worth little more than half their original value, and their worth continues to decline, the NCUA said.

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