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News Now

CU System
Regulator to auction off Huron River Area CU-owned homes
FORT MEYERS, Fla. (12/4/07)--The National Credit Union Administration (NCUA) and DebtX of Boston will hold an online auction Dec. 13 to sell $26 million of bad loans on homes in the Lehigh Acres and Cape Coral, Fla.-areas. Participants will be limited to select investors and financial institutions. The auction will not be “like eBay,” according to DebtX CEO Kingsley Greenland (Florida News-Press Nov. 30). The debt was accumulated by Huron River Area CU of Ann Arbor, Mich. The credit union made construction loans on the homes during a surge in real estate last year. The average loan balance on the 100 homes is $261,000, and the average value was $360,000 when the loans were made, the newspaper said. Huron River Area CU was liquidated by the NCUA Nov. 18. The credit union’s member accounts were purchased and assumed by Detroit Edison CU of Detroit. The NCUA took over the credit union in February after it was placed into conservatorship by the Michigan Commissioner of the Office of Financial and Investment Services (News Now Nov. 19).


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