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NCUA NGN sales now total 24B
ALEXANDRIA, Va. (4/4/11)--The National Credit Union Administration's (NCUA) tenth sale of NCUA Guaranteed Notes (NGNs) was completed last week, and the sale of NGNs has netted nearly $24 billion since it began last October. The most recent transaction yielded $1.5 billion in proceeds. The NGNs were priced at 38 basis points over LIBOR, which the NCUA said is an indication of “strong investor interest.” This latest offering of NGNs is comprised of previously issued residential mortgage-backed securities, the agency said. NCUA Chairman Debbie Matz in a release said that the NCUA securitization program “continues to perform well.” The NGNs are comprised of $35 billion of distressed legacy assets that were conserved from failed and conserved corporate credit unions, and are fully backed by the U.S. Government. The NCUA has amended its definition of low-risk assets to allow credit unions to invest in NGNs. The NCUA said it has securitized 85% of these legacy assets, and expects to sell off the rest of these assets within the next two months. For the full NCUA release, use the resource link.
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