SAN DIEGO — The buzz that filled phone lines, dominated e-mail and occupied credit union boards last week was all about the Centrix Financial bankruptcy filing.
Indeed, CU executives across southern California, where many Centrix loans have been made over the years, began assessing the fallout, which by all accounts damaged scores of CU loan portfolios, undermined CU balance sheets and ruined careers.
The now serious nature of Centrix' problems and its impact on the servicing of existing subprime loans raised the specter of more delinquencies and losses for CU participants in the program offered by the once high flying third-party lender headquartered in a Denver suburb.
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