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

Washington
NCUA NGN sales now total 24B
ALEXANDRIA, Va. (4/4/11)--The National Credit Union Administration's (NCUA) tenth sale of NCUA Guaranteed Notes (NGNs) was completed last week, and the sale of NGNs has netted nearly $24 billion since it began last October. The most recent transaction yielded $1.5 billion in proceeds. The NGNs were priced at 38 basis points over LIBOR, which the NCUA said is an indication of “strong investor interest.” This latest offering of NGNs is comprised of previously issued residential mortgage-backed securities, the agency said. NCUA Chairman Debbie Matz in a release said that the NCUA securitization program “continues to perform well.” The NGNs are comprised of $35 billion of distressed legacy assets that were conserved from failed and conserved corporate credit unions, and are fully backed by the U.S. Government. The NCUA has amended its definition of low-risk assets to allow credit unions to invest in NGNs. The NCUA said it has securitized 85% of these legacy assets, and expects to sell off the rest of these assets within the next two months. For the full NCUA release, use the resource link.
Other Resources

RSS





print
News Now LiveWire
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
9 hours ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
10 hours ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
11 hours ago
You can get your subscription to @cuna 's free, daily, online #creditunion #news service News Now here: http://t.co/YtUejEmAYP
11 hours ago
CCUA hosts @TheNASCUS college for #creditunion directors http://t.co/CftpSXDKWx
14 hours ago