NCUA's Asset Management Assistance Center could have recovered $1.26 million more on real estate properties assumed from the failed Huron River Area Credit Union, according to an audit released by the agency's Office of Inspector General.
The smaller recovery amount is the result of AMAC's decision to liquidate the properties rather than accept a December 2007 bulk bid for 100 properties located in southwest Florida.
The highest bid was for 32% of the remaining balances on the mortgages; actual liquation performance averages 27.3% and is falling, the audit found.
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