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Redacted PIMCO report posted online
ALEXANDRIA, Va. (6/5/09)—The National Credit Union Administration has posted online a redacted version of a report prepared by the Pacific Investment Management Company LLC (PIMCO) on behalf of the agency. The redacted report was released in response to requests by the Credit Union National Association (CUNA) and others under the Freedom of Information Act (FOIA). The PIMCO report was the basis, in part, of the NCUA's action to conserve two corporate credit unions, U.S. Central FCU, Lenexa, Kan., and Western Corporate FCU (WesCorp), San Dimas, Calif. PIMCO is a PIMCO is a leading global investment management firm. In March, CUNA followed up two earlier requests for information with a formal FOIA to the NCUA regarding its actions involving corporate credit unions. In April, the NCUA released a summary of the PIMCO analysis of the residential mortgage-backed securities held by corporate credit unions. The summary did not provide a detailed review of PIMCO's analyses or findings, but did give information on the process for valuing the loans on which the mortgage-backed securities are based and information on PIMCO's views and conclusions. Use the resource link below to access the redacted report.
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