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
Southwest Corporate overall credit quality remains high
DALLAS (8/14/08)--The overall credit quality of residential mortgage-backed securities (RMBS) held by Southwest Corporate remains high, says John Cassidy, CEO. All those securities are "paying as expected and the overwhelming majority are rated AAA," he said in the corporate's newsletter (eFacts Aug. 12). Cassidy was responding to an article in The Wall Street Journal Monday that focused on the effect of the mortgage market dislocation on several large corporate credit unions, including Southwest Corporate, and U.S. Central. The article "really did not present anything new related to Southwest Corporate," Cassidy said. "We have been communicating the same facts and assessments to our members for almost a year." The corporate increased the level of information and frequency of communications to its members about the market dislocation and plans to expand its communication efforts with these steps:
* Increasing the frequency of quarterly financial webinars to monthly; * Scheduling in-person presentations to Southwest's membership to supplement the webinars and providing opportunity for expanded discussion. The schedule and locations will be announced in the next few weeks; * Focusing on the mortgage market during the upcoming annual Economic Forum as a venue to share updated information about the impact on the corporate; and * Providing forward-looking assessments of the mortgage market impact during webinars and meetings.
The communications efforts aims to "clearly explain to our members why we believe our asset quality remains high, and why we believe any losses we experience will be manageable and therefore not represent a credit concern for our members," he said.
Other Resources

RSS





print
News Now LiveWire
CUNA: CUNA offices closed through Friday, News Now returns Monday http://t.co/a5xbLzQKDj
43 minutes ago
Reminder: @CUNA's Madison, D.C. offices will be closed through Friday, open again on Monday. #NewsNow will publish Monday.
19 hours ago
MI dentist to match @CUDirect's $20K to @HurleyMedical as a result of #20for20 online voting http://t.co/hqmIc9LpK1 @CMNHospitals
20 hours ago
New #creditunion chartered in St. Louis - #LutheranFCU - by @TheNCUA http://t.co/faPfANGS0P. Only 3rd new FCU charter this year.
21 hours ago
Don't get hacked during the holidays-use these tips from @CUNA http://t.co/jEqxni6NhO #StoptheDataBreaches http://t.co/woIxPOIyys
21 hours ago