January 21, 2008 – 9:52 am
It was announced late Friday that CAL State 9 Credit Union would be placed into conservatorship under the National Credit Union Administration (NCUA).
Regarding Cal State 9, this San Francisco Chronicle article received a quote from a California official who stated that the action was “related to the credit union’s defaults on mortgages.” Loan losses in the third quarter ending in September were $54.5 million, up from $17.5 million in the previous quarter. You can view more of the financials of Cal State 9 from this NCUA page.
