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Judge Denies Motion to Dismiss for U.S. Central Defendants
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CU Times 3/2/10 more
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CU Times 2/26/10 more
Corporates Feel Squeezed By NCUA Proposal
CU Journal 2/5/10 more
Corporates Report Less Red Ink Than in 2008
CU Times 2/3/10 more
Capital at 'Solvent Five' Survives Total U.S. Central Impairments
CU Times 1/6/10 more
Judge Denies Motion to Dismiss for U.S. Central Defendants
CU Times 3/2/10 more
Corporate America Can Sue U.S. Central's Accountants
CU Times 2/26/10 more
Corporates Feel Squeezed By NCUA Proposal
CU Journal 2/5/10 more
Corporates Report Less Red Ink Than in 2008
CU Times 2/3/10 more
Capital at 'Solvent Five' Survives Total U.S. Central Impairments
CU Times 1/6/10 more
Judge Denies Motion to Dismiss for U.S. Central Defendants
CU Times 3/2/10 more
Corporate America Can Sue U.S. Central's Accountants
CU Times 2/26/10 more
Corporates Feel Squeezed By NCUA Proposal
CU Journal 2/5/10 more
Corporates Report Less Red Ink Than in 2008
CU Times 2/3/10 more
Capital at 'Solvent Five' Survives Total U.S. Central Impairments
CU Times 1/6/10 more
Judge Denies Motion to Dismiss for U.S. Central Defendants
CU Times 3/2/10 more
Corporate America Can Sue U.S. Central's Accountants
CU Times 2/26/10 more
Corporates Feel Squeezed By NCUA Proposal
CU Journal 2/5/10 more
Corporates Report Less Red Ink Than in 2008
CU Times 2/3/10 more
Capital at 'Solvent Five' Survives Total U.S. Central Impairments
CU Times 1/6/10 more
Judge Denies Motion to Dismiss for U.S. Central Defendants
CU Times 3/2/10 more
Corporate America Can Sue U.S. Central's Accountants
CU Times 2/26/10 more
Corporates Feel Squeezed By NCUA Proposal
CU Journal 2/5/10 more
Corporates Report Less Red Ink Than in 2008
CU Times 2/3/10 more
Capital at 'Solvent Five' Survives Total U.S. Central Impairments
CU Times 1/6/10 more
Judge Denies Motion to Dismiss for U.S. Central Defendants
CU Times 3/2/10 more
Corporate America Can Sue U.S. Central's Accountants
CU Times 2/26/10 more
Corporates Feel Squeezed By NCUA Proposal
CU Journal 2/5/10 more
Corporates Report Less Red Ink Than in 2008
CU Times 2/3/10 more
Capital at 'Solvent Five' Survives Total U.S. Central Impairments
CU Times 1/6/10 more
Judge Denies Motion to Dismiss for U.S. Central Defendants
CU Times 3/2/10 more
Corporate America Can Sue U.S. Central's Accountants
CU Times 2/26/10 more
Corporates Feel Squeezed By NCUA Proposal
CU Journal 2/5/10 more
Corporates Report Less Red Ink Than in 2008
CU Times 2/3/10 more
Capital at 'Solvent Five' Survives Total U.S. Central Impairments
CU Times 1/6/10 more
Judge Denies Motion to Dismiss for U.S. Central Defendants
CU Times 3/2/10 more
Corporate America Can Sue U.S. Central's Accountants
CU Times 2/26/10 more
Corporates Feel Squeezed By NCUA Proposal
CU Journal 2/5/10 more
Corporates Report Less Red Ink Than in 2008
CU Times 2/3/10 more
Capital at 'Solvent Five' Survives Total U.S. Central Impairments
CU Times 1/6/10 more

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Corporates Report Less Red Ink Than in 2008 Corporates Report Less Red Ink Than in 2008 Corporates Report Less Red Ink Than in 2008


Credit Union Times 2/3/2010

By Heather Anderson

 

Of the five corporates that have posted unaudited December and year-end figures, three reported net losses and two net profits. However, all are anticipating better bottom lines than those recorded in 2008.

 

That’s primarily because despite U.S. Central’s March 2009 conservatorship, accounting standards led most retail corporates to record some or all of U.S. Central’s losses in 2008, significantly reducing 2009’s red ink. 

 

Western Corporate Federal Credit Union reported $1.19 billion net loss for 2009, compared to 2008’s $7.7 billion net loss. WesCorp reported a $335 million December OTTI, including $106 million on previously unimpaired securities.

 

Southwest Corporate Federal Credit Union reported a $226 million 2009 year-end net loss, after writing off its remaining $19 million at U.S. Central, and taking new $84 million OTTIs on MBS in December.

 

Corporate One Federal Credit Union reported new $3.5 million OTTIs in December after writing nearly $30 million in November 2009, saying Clayton Holdings identified new securities that could suffer losses. Corporate One reported a $42 million net loss for 2009, but stressed member capital is still unlikely to be impaired.

 

U.S. Central litigants Corporate America Credit Union and Corporate Central Credit Union both reported nearly $10 million net profits for 2009.  Both are also in good capital positions after successful PIC issuances last year.

 

Original Article