Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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
#NewsNow: @CFPB offers tips for consumers who think their credit/debit cards have been hacked. http://t.co/rHnfYkJPIj
8 hours ago
See who's 1st to earn @CUNA's new biz development designation #NewsNow http://t.co/vn5ch4HkRC
10 hours ago
Joe Bergeron, president/CEO of the Association of Vt. CUs, has been re-elected to the board of the @NCBACLUSA
10 hours ago
NCUA reminds: CU managers/directors looking to improve leadership skills still can register 4 Leadership Boot Camps. http://t.co/0AUtIpWNqr
10 hours ago
Australia's Customer Owned Banking Association is @fileneresearch 's latest Gold benefactor.
12 hours ago