Performance reports

MOUNT LAUREL, N.J. – PHH Corp., which operates the former CUNA Mutual Mortgage, reported last week that vast losses on its mortgage servicing rights created a fourth quarter loss of $216 million, and a $254 million loss for the year.

SEATTLE – The Federal Home Loan Bank of Seattle reported last night that fourth quarter losses soared to $241.1 million, due to a massive $304.2 million other-then-temporary impaired charge for the period.

TAMPA, Fla.-The chief executives of Suncoast Schools FCU and GTE FCU rejected the notion the proposed merger between the state's largest and fourth largest credit unions was forced by hard times experienced by the two, and insisted the two have flirted for some time.

COLUMBUS, Ohio-As banks boost fees across the board, especially for non-customers using ATMs, credit unions may have an opportunity to differentiate themselves with their own fee structures.

TORONTO, Canada-While credit unions are trying to keep their fees low despite economic pressures, one study shows many banks are having to hike fees.

ST. SIMON'S ISLAND, Ga.-Non-sufficient funds fees continued to grow at a substantial rate at credit unions and banks last year, serving as a reliable source of income, even as net interest margin continued to compact, according to a new study.

SAN FRANCISCO-San Francisco Fire CU rolled to the top of Callahan's Return of the Saver category for its asset size by returning a whopping 53% of its gross income in the form of dividends.

TAMPA, Fla. – The chief executives of Suncoast Schools FCU and GTE FCU yesterday rejected the notion the proposed merger between the state’s largest and fourth largest credit unions was forced by hard times experienced by the two, and insisted the two have flirted for some time.

ATLANTA – The Federal Home Loan Bank of Atlanta said last week it took steps to conserve capital to prepare for possible large write-downs in the value of some of its mortgage-backed securities.

DALLAS – The Federal Home Loan Bank of Dallas said losses on its hedging and derivatives caused it to report a fourth quarter loss of $67.6 million.

CHICAGO – The Federal Home Loan Bank of Chicago, reeling from unrealized losses on its private-label mortgage backed securities, said last week it expects to report a loss of $119 million for 2008 sometime next month when it releases audited results for the year.

PITTSBURGH, Penn. – The Federal Home Loan Bank of Pittsburgh reported last week that other-than-temporary impairment charges of $266 million taken on its private label mortgage backed securities forced it to take a $187.9 million loss for its fourth quarter.

SAN DIMAS, Calif. – WesCorp FCU reported Friday that unrealized losses on its troubled investment portfolio increased by $310 million in January, to almost $2.9 billion, as the credit markets continued to stall.

CUDAHY, Wis. – A week after the break-up of the merger between Prime Financial CU and Guardian CU, state regulators took financially ailing Prime Financial under conservatorship on Friday.

WASHINGTON-Faced with declining numbers, the National Federation of Community Development CUs is asking NCUA to act to convert some $16 million in low-interest loans through NCUA's Community Development Revolving Loan Fund into permanent capital.

WASHINGTON-CUNA announced last week the crashing stock markets slammed its investment portfolio last year to push the trade association deeper into the red, to the tune of $8 million.

PORTLAND, Ore.-Continuity and a personal touch keep tiny Sunset Science Park FCU at or near the top of credit union rankings, according to its CEO.

ALEXANDRIA, Va.-The nation's credit unions reported a loss for the fourth quarter of 2008-a whopping $2 billion-the first quarterly loss ever for the industry, NCUA reported last week.

SAN FRANCISCO – The Federal Home Loan Bank of San Francisco last night reported a $103 million loss for its fourth quarter, due to a $590 charge for other-than-temporary impaired mortgage backed securities.

LENEXA, Kan. – U.S. Central FCU posted its final financials for 2008 yesterday, showing the massive $1.2 billion charge for December for its troubled mortgage securities, creating a $1.1 billion loss for the year and casting doubt over the future of the central bank for credit unions.