ATLANTIC CITY, N.J. — The NCUA is honing in on certain activities and figures for 2010, NCUA Associate Region II Director for Operations Herb Yolles told New Jersey credit unions last week.
First, he noted during the N.J. Credit Union League's Reality Check conference that 10% of mortgages are at least 30 days delinquent. And, Yolles pointed to a "shadow" foreclosure market highlighted in The Washington Post. According to the report, five to seven million foreclosed properties are backlogged in the system, which could take three years to unload, and another 11 million are underwater, which are the most likely to default. "Keep in mind," Yolles stated, "NCUA's paid to worry."
Second on his list of items for scrutiny was indirect lending. Credit unions do not realize the planning, review and risk management necessary to run a successful program, Yolles said. Constant vigilance is still a must in order to nip a problem in the bud.
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