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03-21-2009, 09:12 AM | #1 |
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Credit Unions With $57 Billion in Assets Seized; 3 Banks Fail
Two corporate credit unions, with combined assets of $57 billion, were seized by the National Credit Union Administration yesterday to stabilize a system used by 90 million customers amid a worldwide financial crisis. Three U.S. banks failed, bringing this year’s total to 20.....
http://www.bloomberg.com/apps/news?p...qrI&refer=home |
03-22-2009, 01:48 AM | #2 | |
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Catherine Austin Fitts, Attack on Credit Unions?
Catherine Austin Fitts, whom some believe should be appointed to take over Geithner's job comments:
Attack on Credit Unions? Source: http://solari.com/blog/?p=2324 Catherine, Daily Musings and News & Commentary, March 20, 2009 at 11:03 pm Quote:
U. S. seizes top credit union clearinghouse: http://www.reuters.com/article/compa...52552120090321 Excerpt: WASHINGTON, March 20 (Reuters) - Regulators seized the top clearinghouse for U.S. credit unions, citing a critical deterioration in the finances of the provider of services to thousands of retail credit unions. The National Credit Union Administration (NCUA) took control of U.S. Central Federal Credit Union, a huge wholesale credit union with about $34 billion in assets based in Lenexa, Kansas. It also seized Western Corporate (WesCorp) Federal Credit Union of San Dimas, California, another corporate credit union with $23 billion in assets. Last edited by peaceandlove; 03-22-2009 at 02:35 AM. |
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03-22-2009, 02:26 AM | #3 |
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Re: Credit Unions With $57 Billion in Assets Seized; 3 Banks Fail
This move was surly inevitable I saw this coming months ago...I work with many credit unions in my job....the writing was on the wall...they have to take down the little guys to strengthen the big guys
Was this not their plan...a one world Bank |
03-22-2009, 03:08 AM | #4 |
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Re: Credit Unions With $57 Billion in Assets Seized; 3 Banks Fail
Heck, we own 80% of AIG, that's as close to seizing as we can get. These credit unions were corporate credit unions, and they seem to have had some problems - even with 57 billion in assets, they had major issues in mortgage debt and at least one of them had already received NCUA funding to climb out of their hole - and they couldn't.
alys |
03-22-2009, 05:59 AM | #5 |
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Re: Credit Unions With $57 Billion in Assets Seized; 3 Banks Fail
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03-24-2009, 06:22 PM | #6 |
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U.S. Central Credit Union may form "bad bank": CEO
MORE PERSPECTIVES
U.S. Central Credit Union may form "bad bank": CEO Sun Mar 22, 2009 7:44pm EDT By Carey Gillam KANSAS CITY (Reuters) - Two days after regulators seized the largest U.S. corporate credit union, the newly installed CEO said he is considering a variety of options, including setting up a "bad bank," to handle a mixture of troubled mortgage assets. Several options are on the table at the $34 billion-asset U.S. Central Federal Credit Union, said new CEO James Nance, who quit as chief administrative officer at Icap Capital Markets Llc in New Jersey to helm the Lenexa, Kansas-based institution at the request of regulators. In addition to setting up a separate entity, a so-called "bad bank," to take toxic assets off the books of U.S. Central, Nance told Reuters in an interview that he will look at options for securitizing the troubled assets in ways that would allow for them to be held for an extended periods, and he will explore the sale of certain assets to non-credit union buyers. "We want to try to avoid having the situation deteriorate," said Nance, who prior to his work at Icap, oversaw asset and liability management at U.S. Central from 1993-1996. Article continues: http://www.reuters.com/article/ousiv/idUSTRE52L1S920090322 U.S. seizes 2 big credit unions U.S. takes over two credit unions after tests find vulnerability. U.S. Central Federal Credit Union and WesCorp have combined assets of $57 billion. By Catherine Clifford, CNNMoney.com staff writer Last Updated: March 20, 2009: 9:17 PM ET NEW YORK (CNNMoney.com) -- The federal government, in its latest effort to prop up the financial system, took over two big wholesale credit unions Friday with combined assets of $57 billion. U.S. Central Federal Credit Union in Lenexa, Kan., and Western Corporate Federal Credit Union in San Dimas, Calif., were placed under conservatorship "to stabilize the corporate credit union system and resolve balance sheet issues," according to the National Credit Union Administration. The administration is a federal agency that regulates, charters and supervises federal credit unions. Neither of the failed institutions serve consumers directly. As corporate credit unions, they service the credit union system. Credit unions count 90 million members nationwide. Article continues: http://money.cnn.com/2009/03/20/news/companies/credit_unions/index.htm FEVER I AM offers commentary regarding the Credit Union takeover and more: Don't Panic! Toxic Asset Plan? Another way to rip you off... Video (11:27): http://www.youtube.com/watch?v=lWjRN...e=channel_page |
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