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Credit Unions Paying For Risky Behavior Of A Few

Tuesday, December 21, 2010 - 7:12 PM
The corporate credit union mess is going to be costly to credit unions which could mean lower deposit rates for us as they try to reduce their costs. This article has a good review of what happened and how much credit unions may pay:
But every credit union in the country finds itself paying to clean up a multibillion-dollar mess created by a handful of failed “corporate” credit unions, which invested heavily in now-toxic mortgage-backed securities peddled by Wall Street during the housing boom. The losses were allowed to continue as federal credit-union regulators paid too little attention, according to the regulators' own inspector general.

Ken TuminKen Tumin5,472 posts since
Nov 29, 2009
Rep Points: 125,708