Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Regulator to auction off Huron River Area CU-owned homes
FORT MEYERS, Fla. (12/4/07)--The National Credit Union Administration (NCUA) and DebtX of Boston will hold an online auction Dec. 13 to sell $26 million of bad loans on homes in the Lehigh Acres and Cape Coral, Fla.-areas. Participants will be limited to select investors and financial institutions. The auction will not be “like eBay,” according to DebtX CEO Kingsley Greenland (Florida News-Press Nov. 30). The debt was accumulated by Huron River Area CU of Ann Arbor, Mich. The credit union made construction loans on the homes during a surge in real estate last year. The average loan balance on the 100 homes is $261,000, and the average value was $360,000 when the loans were made, the newspaper said. Huron River Area CU was liquidated by the NCUA Nov. 18. The credit union’s member accounts were purchased and assumed by Detroit Edison CU of Detroit. The NCUA took over the credit union in February after it was placed into conservatorship by the Michigan Commissioner of the Office of Financial and Investment Services (News Now Nov. 19).


RSS





print
News Now LiveWire
#creditunions celebrate #EarthDay2015 by being green aware with e-statements, hosting shred events, planting trees
13 hours ago
From @WSJ: 33% of companies say it took them more than 1 yr to discover a data breach. http://t.co/a0MxV68X6t http://t.co/lkglx6WvKs
17 hours ago
.@CAMCouncil taps into @MICreditUnions' career, tech training resources http://t.co/sotnfCUgIo
18 hours ago
#Inflation ticks up in March, still relatively flat #NewsNow #Market http://t.co/PyAvwdkJ4M
19 hours ago
#NewsNow Ill. league groups elect board, exec officers http://t.co/KAG8MtbGsv
19 hours ago