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The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.

South Central L.A. Institution Seized

Watts Credit Union liquidated

July 7, 2009

By staff

California regulators closed a small credit union in South Central Los Angeles. Meantime, a Texas financial institution warned that it might wind up insolvent if the government doesn't approve a rescue plan.

Watts United Credit Union was closed and liquidated, a press release yesterday from the California Department of Financial Institutions indicated. The National Credit Union Administration was appointed liquidating agent.

The state indicated that the institution was insolvent.

"The credit union is insolvent and has no prospects for restoring viable operations," the NCUA said in a statement.

Watts had around 1,067 members and approximately $0.8 million in assets. It was originally chartered in 1966.

This was the sixth credit union failure tracked by this year. In all, the closing of 95 mortgage-related companies have been tracked so far in 2009.

On June 29, Guaranty Financial Group Inc. warned in a filing with the Securities and Exchange Commission that the only chance it has of complying with an Office of Thrift Supervision cease-and-desist order is through a plan for open bank assistance. The plan, which Guaranty is discussing with the Federal Deposit Insurance Corporation, would involve a significant private equity infusion and FDIC loss sharing.

Such a plan only has a chance if it is the least costly option for the FDIC. It requires that no mismanagement has occurred.

But common shareholder equity would be completely wiped out under the plan.

If the FDIC turns down the plan, the Austin, Texas-based firm, which is parent to Guaranty Bank, "will no longer have the intent and ability to hold its mortgage-backed securities portfolio to recovery of unrealized losses, and, consequently, there would be substantial doubt that the company would be able to continue as a going concern."

Impairment losses on the RMBS investments would be written down by around $1.4 billion. As a result, previously reported losses of $0.4 billion for 2008 would be restated at $2.2 billion. In addition, first-quarter losses of $256 million would be restated to $308 million.
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