Buried on page 16 of a recent report from the NCUA's Inspector General – innocuously titled "Semi-Annual Report to Congress, October 1, 2010 – March 31, 2011″ – is this bombshell: "NCUA determined that the Constitution, Members United and Southwest Corporate credit unions' portfolios were reasonably likely to sustain credit losses amounting to approximately $145 million, $400 million and $980 million, respectively."

The same report, which sources indicated simply appeared with no notice or fanfare on an NCUA Web page, indicated that losses for U.S. Central and WesCorp are expected to be much higher still.

For now, however, in regard to U.S. Central the NCUA report noted: "We determined U.S. Central's management and Board failed to recognize the substantial risk they undertook with significant investments in complex mortgage-backed securities collateralized by subprime assets. We also determined management allowed the investments in mortgage-backed products to represent a significant concentration compared to net worth and failed to impose prudent limits in these securities."