According to legacy asset loss estimates provided to Credit Union Times by the NCUA, investments made by Western Corporate FCU are generating far more losses than those that were made at other failed corporates.
As of year-end 2012, WesCorp's estimated losses were $5.73 billion, representing 84.4% of the nearly $6.8 billion in total estimated legacy asset losses. However, according to a chart provided by the NCUA, the corporate formerly located in San Dimas, Calif. contributed just 39% of total legacy assets.
That's in stark contrast to the four other corporates that had their investments seized by the NCUA and used as underlying assets for more than $17 billion worth of NCUA guaranteed notes issued in 2011.
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