Citing "a divergence among loss projections," the $9 billion Southwest Corporate Federal Credit Union did not record any new third quarter OTTIs, according to its October financial reports.
The news comes after the $8.5 billion Members United Corporate FCU recorded a $77 million OTTI per its third quarter Clayton report, and the $28 billion U.S. Central FCU recorded a $320 million third quarter OTTI.
Southwest Corp recorded $113.5 million in OTTIs as of June 30 because its private label mortgage backed securities portfolio "experienced a significant degree of deterioration," said Chief Financial Officer Melissa Wardell.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
