Another quarter closed, which means time to review my credit unions. Guess what showed up?
|NET INCOME (LOSS) BEFORE NCUSIF STABILIZATION EXPENSE||N/A||N/A||0||N/A||0||N/A||0||-6,834,886||0|
|NCUSIF Stabilization Expense||N/A||N/A||0||N/A||0||N/A||0||27,778,958||0|
|Net Income (Loss)*||12,522,444||16,914,414||-32.5||19,233,362||-24.2||18,509,388||-27.8||-34,613,844||-848.0|
Apparently, US credit unions pool together and use a parent credit union (US Central Credit Union) which the NCUA placed into conservatorship after it failz0rd, and now all our credit unions have to pay a bunch of cash into the credit union insurance fund. All because US Central bought (and held on to) a slew of mortgage-backed securities.
Why someone at US Central felt they needed to do so... well, I'm sure they still have a job.