NEWARK, N.J.-More than two dozen credit unions received checks totaling $8.1 million from the estate of CU National, more than four years after the massive fraud that sent the owner of the company and its U.S. Mortgage Corp. parent to prison and threatened to sink several of the credit union victims.

The first installment of restitution makes most of the credit unions almost whole in the recovery process as separate settlements with their insurer, CUMIS Insurance Society, and Fannie Mae, where their mortgages ended up, preceded the latest payout, according to two credit union executives who declined to be identified because the terms of their CUMIS and Fannie Mae agreements are confidential.

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