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In the News:
"The federal government yesterday expanded its bailout to another vulnerable sector, saying it will inject $1 billion into a nonprofit company that provides banking services to the credit union industry. . . . The federal aid comes from assessments on the industry, not from taxpayers. . . . The corporate credit unions together invested about $64 billion from their members in mortgage-related securities, which have declined in value by $18 billion as the market has plunged. Accounting rules are forcing the corporate credit unions to acknowledge those declines. On Monday, U.S. Central told the NCUA [National Credit Union Administration] it estimated a fourth-quarter loss of $1.2 billion on its loan portfolio. The NCUA board met behind closed doors yesterday and then announced the intervention".