US Regulator Seize 3 Failing Corporate Credit Unions

U.S. regulators seized three corporate credit unions on Friday and will repackage about $50 billion in troubled assets from these and previous seizures to sell on the open market. The institutions seized were: Members United Corporate Federal Credit Union of Warrenville, Illinois; Southwest Corporate Federal Credit Union of Plano, Texas; and Constitution Corporate Federal Credit Union of Wallingford, Connecticut. Barclays Capital will manage the securitization plan, the regulator said. – Reuters