For the management at a fair number of credit unions the current economic environment is one many never thought they'd see. Sure, they may have done some worst-case scenario planning as part of their annual due-diligence or participated in a doomsday exercise at one of the management institutes, but that was all make-believe, right?

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SUNNYVALE, Calif.-The news from the housing market appears to be nearly all bad, but one credit union is hanging its successful hat on real estate loans.

Rosenthal Honored With OFN's Highest Award

WASHINGTON-The National Association of REALTORS has named well-known industry consultant and executive Thomas Glatt as the first president and CEO of its new credit union, REALTORS FCU, which will be the nation's first Internet-only credit union.

WASHINGTON-Mortgage applications soared last week, by the largest amount on record, as the government's latest rescue bid pushed rates significantly lower, providing a new stimulus to credit unions and other lenders just when they need it.

DALLAS – Three men were charged in a Tulsa-based burglary ring believed responsible for millions of dollars in cash thefts, including the June 30 robbery of $168,000 from Southwest Airlines FCU in nearby Euless.

BATON ROUGE, La. – Pelican State CU said yesterday its board has approved the payment of $125,000 in bonus dividends to the company’s membership in time for the holidays.

LAKELAND, Fla. – MidFlorida FCU said yesterday it has agreed to acquire A. H. Realty, a full service residential real estate broker, and will rename it MidFlorida Real Estate Sales.

RENO, Nev. – Silver State Schools CU gave away $30,000 cash to students and teachers at University of Nevada over two months as part of the grand opening of its new on-campus branch.

BURLINGTON, Vt. – Vermont FCU announced the retirement yesterday of its long-time CEO Joseph Finnigan and the hiring of Bernard Isabelle, the CFO at Greylock FCU, in Pittsfield, Mass., to succeed him.

RALEIGH, N.C. – State Employees CU announced yesterday it has agreed to provide permanent financing for a new disabled veterans home in Durham, part of a new partnership it has struck with the North Carolina Housing Finance Agency.

WARRENVILLE, Ill. – Credit unions in Wisconsin will be able to participate in the state’s EdVest college savings program as the result of a partnership formed by Members United Corporate FCU, Wells Fargo Funds Management and Primary Financial Company.

MERCED, Calif. - The owners of a local car dealership and a manager were arrested by agents from the FBI and U.S. Immigration Wednesday and charged with a phony application that allowed unqualified customers by cars financed through Valley First CU.

FT. MYERS, Fla. – The rush of home foreclosures in this southwest corner of Florida, estimated at as many as 25,000 in Lee County alone, has prompted county officials to recall judges from retirement and hold mass foreclosure hearings to speed up the process.

WASHINGTON – A new report issued Wednesday by the NCUA Inspector General’s Office cites both the federal regulator and the Michigan credit union supervisor for lax oversight in last year’s failure of Huron River Area CU, one of three credit union failures tied to a controversial real estate speculation scheme in southwest Florida.

WASHINGTON – CUNA has been adding details in recent days to a plan that would provide relief to troubled credit unions in a handful of the worst real estate markets by buying up distressed mortgages at a discount and infusing cash into those needy credit unions.

SAN DIMAS, Calif. – WesCorp FCU reported yesterday a new methodology for calculating the values of its assets helped trim unrealized losses on its investment portfolio slightly at the end of October to $1.7 billion, from $1.8 billion the month before, but the western corporate also warned of potential losses on troubled collateralized debt obligations, known as CDOs.

ENFIELD, Conn. -- Two men accused of robbing the Enfield Community CU yesterday afternoon used some of the stolen cash to buy lunch and a music CD at a nearby mall, according to police.

DALLAS – In the latest cooperation between state trade groups, the Oklahoma and Texas credit union leagues announced an agreement yesterday in which the Texas league will begin providing a number of back office functions, including human resources and finance, for the Oklahoma league.