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pahunkboy -> 1 bln 'injected to credit unions (1/29/2009 6:11:09 AM)
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http://www.bloomberg.com/apps/news?pid=20601103&sid=aBB_7r416_K4&refer=us
Jan. 28 (Bloomberg) -- The U.S. agreed to inject $1 billion of new capital and provide backing for corporate credit unions as the lenders face “unprecedented strains” from mounting losses on their investments in mortgages, a federal agency said.
The National Credit Union Administration will guarantee uninsured lender assets through next month and set up a voluntary program through 2010, the agency said today in a statement. The U.S. Central Corporate Federal Credit Union will get a $1 billion federal injection that will boost “the public’s confidence” in credit unions, the lender said. /snip
I thought credit unions were safe. OMG
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