Navy Fed Will Merge $604M USA Fed

[Anonymous]

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@wmarat wrote:

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@score_building wrote:

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@wmarat wrote:

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@score_building wrote:

Looks like our portal from USA Fed to Navy has been shut, when clicking on 'open new acct' at  http://www.usafed.org/  there is a link to the Navy website now.

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We knew that it is going to happen, did not we?

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Yep...was just a matter of when, RIP USA Fed, you burned fast and bright!

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Yes, u'r right.

The merge with Navy was the best business decission made by USA Fed.

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USA Fed did not make the decision, CUNA did.

Given that USA Fed had been hemorrhaging money for years because of incompetent management, I doubt USA Fed could have made any competent business decision on their own.

[score_building]

 "We were a troubled credit union on the West Coast victimized by the recession and dislocation of the housing market, upside down values, unemployment and people not able to make loan payments," said Mary Cunningham, the credit union's president and chief executive. As a result, she added, it wound up under "regulator watch."

http://www.washingtonpost.com/wp-dyn/content/article/2010/09/24/AR2010092405991.html

[Anonymous]

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@score_building wrote:

 "We were a troubled credit union on the West Coast victimized by the recession and dislocation of the housing market, upside down values, unemployment and people not able to make loan payments," said Mary Cunningham, the credit union's president and chief executive. As a result, she added, it wound up under "regulator watch."

http://www.washingtonpost.com/wp-dyn/content/article/2010/09/24/AR2010092405991.html

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I'd have to search for the link, but the CUNA statement goes even further.

USA Fed would have had to sell off assets to avoid complete failure and CUNA rejected that option.  Even if they were allowed to sell off assets, USA Fed would still be on fast track to failure since a significant percentage of their exposure is in either mobile homes or RVs (I forget which) and that segment of consumer lending is expected to get much, much worse before it gets better. 

Incompetent management.   

[Tazman81]

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@Anonymous wrote:

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@score_building wrote:

 "We were a troubled credit union on the West Coast victimized by the recession and dislocation of the housing market, upside down values, unemployment and people not able to make loan payments," said Mary Cunningham, the credit union's president and chief executive. As a result, she added, it wound up under "regulator watch."

http://www.washingtonpost.com/wp-dyn/content/article/2010/09/24/AR2010092405991.html

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I'd have to search for the link, but the CUNA statement goes even further.

USA Fed would have had to sell off assets to avoid complete failure and CUNA rejected that option.  Even if they were allowed to sell off assets, USA Fed would still be on fast track to failure since a significant percentage of their exposure is in either mobile homes or RVs (I forget which) and that segment of consumer lending is expected to get much, much worse before it gets better. 

Incompetent management.   

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+1 ---  you are correct O6.  This was not a decision by USA Fed, it was made by CUNA...  They were required to find a merger.  I recall reading that info from CUNA as well.

[Anonymous]

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@Tazman81 wrote:

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@Anonymous wrote:

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@score_building wrote:

 "We were a troubled credit union on the West Coast victimized by the recession and dislocation of the housing market, upside down values, unemployment and people not able to make loan payments," said Mary Cunningham, the credit union's president and chief executive. As a result, she added, it wound up under "regulator watch."

http://www.washingtonpost.com/wp-dyn/content/article/2010/09/24/AR2010092405991.html

---

I'd have to search for the link, but the CUNA statement goes even further.

USA Fed would have had to sell off assets to avoid complete failure and CUNA rejected that option.  Even if they were allowed to sell off assets, USA Fed would still be on fast track to failure since a significant percentage of their exposure is in either mobile homes or RVs (I forget which) and that segment of consumer lending is expected to get much, much worse before it gets better. 

Incompetent management.   

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+1 ---  you are correct O6.  This was not a decision by USA Fed, it was made by CUNA...  They were required to find a merger.  I recall reading that info from CUNA as well.

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The important thing in all of this is ...

We should have a party in honor of the incompetent clowns who managed USA Fed.  Thanks to them, some of my good friends received another chance with Navy Federal. 

[score_building]

ncua gives nod:  http://uspolitics.einnews.com/pr-news/176931-navy-federal-approved-for-merger-with-usa-fed