Quantcast

Feds Doubt $125M in Funds Missing from U.S. Mortgage Will Be Found

JUN 26, 2009 12:10pm ET

NEWARK, N.J. — Authorities are doubtful of locating any of the $125 million of credit union funds missing from U.S. Mortgage Corp. after its owner and founder Michael McGrath surreptitiously sold them to Fannie Mae in what has become the biggest credit union fraud.

To continue, please sign in or subscribe
Free 14-Day
Trial
  • Online access to premium credit union content
  • Daily and weekly e-newsletters with top headlines
  • Learn why thousands of credit union professionals rely on Credit Union Journal
No credit card needed
Digital
Subscription
  • Access to our Credit Union Journal mobile app
  • Special reports providing the latest industry information
  • High-level perspective and insights on credit union strategies and tactics
Have an account?
SIGN IN HERE
Remember me