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Allco CU Stung by Subprime Mortgage Losses; Auto Leases, MBLs Also in Jeopardy

The subprime mortgage losses suffered by the stressed-out Allco Credit Union here have made the mainstream and CU trade press recently, but there is more fire amidst the smoke raised by a late June story in the Milwaukee Journal Sentinel.

By Staff Writer | Updated on July 31, 2007

WEST ALLIS, Wis. — The subprime mortgage losses suffered by the stressed-out Allco Credit Union here have made the mainstream and CU trade press recently, but there is more fire amidst the smoke raised by a late June story in the Milwaukee Journal Sentinel.

Allco reported a whopping $5.1 million in total delinquent loans for the quarter in its March 2007 5300 report to the NCUA, a big hit for a CU with $75 million in assets. And those were just the ones in the two to 12 month category. Another $3.2 million in loans were one to two months delinquent and the agency doesn’t include those in the total. Almost half, or $1.1 million was in mortgages.

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