"NCUA controls the process and, of course, we are working with them as the agency seeks to resolve the situation at the lowest cost," explained Roger Little, deputy Michigan commissioner.
Like two Colorado CUs hurt by large losses on Florida housing loans and put into conversatorship with one eventually sold, Huron River could remain in NCUA’s hands or eventually be spun off at auction, officials point out.
Huron River was put into conservatorship last February and so far NCUA has issued no timetable on when or if bidding might start, said Little. (CU Times)