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Credit Union Journal

Monday, February 8, 2010, as of 05:38 PM EDT

U.S. Mortgage CU Funds Lost On Fannie Mae MBS

Credit Union Journal Daily Briefing  |  Thursday, November 12, 2009

PINE BROOK, N.J. – Evidence is mounting that U.S. Mortgage/CU National Mortgage chief Michael McGrath frittered away an estimated $140 million of his credit union clients’ money trading in Fannie Mae securities – mostly mortgage-backed securities – as a last-ditch effort to save his foundering company...

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