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CU System
WesCorp announces losses for December
SAN DIMAS, Calif. (2/5/10)--Western Corporate FCU (WesCorp) reported a $335.3 million write down for other than temporary impairment (OTTI) charges during December, bringing its total OTTI losses for 2009 to $1.2 billion. That in turn brings the California-based corporate's total OTTI charges for both 2008 and 2009 to $6.8 billion. Of the December 2009 OTTI charges, $106 million were in not-previously impaired securities, while $320 million were securities that had been previously impaired. Because the corporate can no longer rely on bond insurance for troubled mortgage-backed securities, it is forced by Clayton Holdings to realize new losses, said Joe DeMichele, chief investment officer, during a Webcast on the corporate's financials. Unrealized losses have improved from $5.2 billion in June to $3.157 billion in December, largely due to the marketplace, which has seen more influx of liquidity from the government and better performance in higher yield markets. WesCorp's net interest income for December was $9.9 million, with a year-to-date total to nearly $85.4 million, said Jim Hayes, chief financial officer. Several corporates are reporting losses for 2009: Southeast Corporate FCU told members its losses totaled $45.8 million; Southwest Corporate FCU reported a $226 million loss; and Corporate One FCU, a $43.3 million loss.


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