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Loan Modification

: Mortgage Lender Implode-o-Meter

IG Report: WesCorp's Failure Tied Closely To Countrywide

By Implode-Explode Heavy Industries

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``A new report on the failure of WesCorp Federal Credit Union concludes that the one-time $32 billion corporate CU had too much of its investments tied to a single real estate market ? its home state of California ? and one issuer, Countrywide Financial Corp... NCUA "examiners either did not recognize or did not take issue with the potential risk associated with WesCorp's geographic, issuer, originator, and servicer limits or concentrations early on," says the new report.''

Full post as published by Mortgage Lender Implode-o-Meter on November 22, 2010 (boomark / email).

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