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Wednesday, October 14, 2009

Another crumbling rock

How bad is the current "recession"? Even the beautiful old U.S. Bank building in downtown Portland is upside down on the mortgage.

Comments (7)

This bankruptcy would appear to be a rather large hit to a credit union. Should we expect an early morning visit from Sheila Bair's itchy-fingered FDIC and an eventual internal auditor's assessment, as was done in the case of the Bank of Clark County?http://columbian.com/article/20090807/BIZ01/708079962/-1/BIZ

As with the U.S. Custom House on NW Broadway, it's a reminder of how things were and aren't anymore.

Gardiner, credit unions aren't under the FDIC. They are under the NCUA.

Thanks, mike, I feel better disposed toward cu's already.

BTW, "This American Life," which repeats on OPB (radio) 8-9 this evening, is offering a piece on the FDIC takeover of the Bank of Clark County, largely from an employee's POV.

Its US 'Natinal' Bank not US Bank. Its a big pink difference.......

I just looked up Telesis Community CU - they are based in Southern California - the home of toxic mortgages. Real estate experts have been warning about the next wave of Commercial Real Estate defaults for several months now. So, it's here, I guess.
Also, I didn't think credit unions were allowed under NCUA and state credit union rules to make commercial loans. $20+ Million! Rules must have changed. Damn that Bush!
They were apparently a real go-go CU. In July 2008, they offered a CD with "an extraordinary 10% Annual Percentage Yield for a 5-month term."
I can't find their financials, but I bet it's a grim picture.

The financials should be here:


Charter Number: 68396

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