There is an old saying that "success has many fathers, but failure is an orphan." Since the NCUA's response to the corporate crisis of 2008 and 2009 is viewed by most as a success, many claims of paternity have arisen. The corporate crisis presented a potentially fatal problem for the credit union system, as acknowledged in NCUA Chairman Debbie Matz's written testimony before the House Financial Institutions and Consumer Credit Subcommittee on July 23:
When I returned to the NCUA Board in August 2009, in the wake of the Great Recession, the credit union system was on the brink of collapse. To prevent this, we developed an unprecedented mechanism to securitize $50 billion in toxic corporate credit union assets.
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