Texas Credit Union Fails

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Credit Unions Bailed Out

U.S. Backs $30 Billion in Bonds to Stabilize Key Institutions; Subprime Legacy

By MARK MAREMONT And VICTORIA MCGRANE

Two years after the peak of the financial crisis, the federal government swooped in to stabilize a crucial part of the credit-union sector battered by losses on subprime mortgages.

Regulators announced Friday a rescue and revamping of the nation's wholesale credit union system, underpinned by a federal guarantee valued at $30 billion or more. Wholesale credit unions don't deal with the general public but provide essential back-office services to thousands of other credit unions across the U.S. The majority of retail credit unions are sound, but they will have to shoulder the losses through special assessments over the next decade.

Friday's moves include the seizure of three wholesale credit unions, plus an unusual plan by government officials to manage $50 billion of troubled assets inherited from failed institutions. To help fund the rescue, the National Credit Union Administration plans to issue $30 billion to $35 billion in government-guaranteed bonds, backed by the shaky mortgage-related assets. More at the link:

http://online.wsj.com/article/SB10001424052748703499604575512254063682236.html?mod=djemalertNEWS#articleTabs%3Darticle

If you are in Texas and didn't get a piece of the billions in bailout you might need to take it upon yourself to improve your credit. Credit Repair Texas offers a free credit repair review of your credit report and credit score. You can visit them at Credit Repair Houston.