Relevant:
- NCUA Sues Credit Suisse Over MBS Sold to Credit Unions
- Credit Unions Bailed Out
- Imploded: Western Corporate Federal Credit Union, in San Dimas, Calif.
- Imploded: Constitution Corporate Federal Credit Union, Wallingford, Conn
- Imploded: Members United Corporate Federal Credit Union in Warrenville, Ill.,
2011-01-18 — nationalmortgagenews.com
``The National Credit Union Administration plans to sell another $1.5 billion of bonds later this week, resuming its effort to raise funds to finance the corporate credit union bailout... The bonds are created by taking the cash flows, that is the principal and interest payments on some $35 billion of toxic MBS held by the failed corporate CUs, and repackaging them into new instruments guaranteed by the federal government.''
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