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Scammed CUs Should Not Be Covered By Bond, CUMIS Says

DEC 14, 2009

MADISON, Wis.-CUNA Mutual Group's CUMIS Insurance Society has asked a state court to declare that surety bonds held by 26 credit union victims of the $140-million fraud by U.S. Mortgage/CU National Mortgage Corp. do not cover an estimated $125 million of losses suffered by those credit unions.

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