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Cal State 9's Losses Continue Skyrocket; Banks, Lenders Continue to Feel Subprime Sting

No one still wants to talk about the meltdown at Cal State 9 Credit Union here, particularly since NCUA's recent warning about subprime real estate lending. But it's evident that regulatory special actions are being taken because the CU has provisioned $17 million for loan losses for the quarter ending...

By Staff Writer | Updated on August 07, 2007

CONCORD, Calif. — No one still wants to talk about the meltdown at Cal State 9 Credit Union here, particularly since NCUA’s recent warning about subprime real estate lending. But it’s evident that regulatory special actions are being taken because the CU has provisioned $17 million for loan losses for the quarter ending June 30, 2007. At the end of March it provisioned $1.5 million. Still, $17 million may not be enough.

The Financial Performance Report Financial Summary and Ratio Analysis already posted on the NCUA Web site for June 2007 shows that Cal State 9 Credit Union is now undercapitalized, having lost $9 million year-to-date. A download of the NCUA Excel spreadsheet reveals the June 2007 information, and the numbers are grim indeed.

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