The second-largest credit union in the nation has opened a firm to help it manage the amount of real estate on its books in the wake of the Great Recession.
According to NCUA records, the 1.8 million-member, $25.5 billion State Employees' Credit Union in Raleigh, N.C., has just under 500 repossessed or foreclosed properties on its books worth roughly $49 million.
The new firm, called SECU*Real Estate, or SECU*RE, will work with real estate professionals to help bring the credit union's properties to market, but also with contractors to remodel and revitalize some and with local municipalities to see how the housing stock could help their communities, according to the credit union.
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