Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Court NCUA can sell building from liquidation
LAS VEGAS (7/14/11)--A federal bankruptcy court has given the go-ahead so the National Credit Union Administration (NCUA) can foreclose on a vacant Las Vegas office building, a liability the agency inherited when it liquidated the Henderson, Nev.-based Ensign FCU in 2009. The U.S. Bankruptcy Court in Washington, D.C., lifted the stay last month, according to the Las Vegas Review-Journal (July 13). The agency holds a $1.5 million loan on a vacant, 10,000-square-foot, one-story office building that was used as collateral for a $1.4 million loan in 2005 by the credit union to Los Angeles real estate investor Isaac Norman and two partners, Hamid Mahban and Ali Moradshahi. The property was appraised at $5 million before the collapse in 2008 of the real estate market, said the article. The real estate partners had leased it to the state of Nevada and Clark County, but the government entities terminated their leases to save costs. The borrowers did not have the income to make the loan payments and defaulted on the loan. When NCUA started foreclosure proceedings, the borrowers sued to stop the sale of the property. The credit union was closed on Sept. 25, 2009 (News Now Sept. 25, 2009) and involuntarily liquidated on Nov. 13, 2009. It had 7,900 members and $98 million in assets at the time of liquidation. EDS CU of Plano, Texas, assumed the members' share accounts.


RSS print
News Now LiveWire
Goodwill Industries latest to report data security breach http://t.co/gIaXNsT4Bk
16 hours ago
CUNA economist Schenk discusses regulators' focus on interest-rate risk. See CU Magazine: http://t.co/tW1p9rTSSv
18 hours ago
Fed issues annual report on general-use prepaid cards in gov't-administered payment programs. http://t.co/3zPhejSPZt
18 hours ago
Children in foster care face higher risk of identity theft via @NBCNews http://t.co/Dif0hCfBdA
18 hours ago
.@Cornerstone_CUL's leadership conference includes food drive for San Antonio food bank http://t.co/h2O8O4TxuD
19 hours ago