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  • Gamechanger: Zillow getting into home selling business with "instant offers"

    In many ways, Zillow was one of the leaders in the online real estate revolution, helping to democratize the home buying process and enabling prospective buyers to search for their next home from the comfort of their current home. And now, Zillow wants to revolutionize the way that people sell their homes as well, as the online real estate giant announced this week that it is launching a pilot program called “Zillow Instant Offers.” Click the headline to read more.

National Credit Union Seizes 3 Credit Unions: will bundle $50 billion securitization

The National Credit Union Administration seized three corporate credit unions Friday that had total assets of about $15 billion, and officials will bundle about $50 billion of troubled assets into securities. In April, HousingWire reported the NCUA was planning to securitize $50 billion in assets cherry-picked from failed corporate credit unions. Barclays Capital will form a securitization trust to issue the assumed assets as notes guaranteed with the full-faith pledge of the U.S. government. The federal agency also unveiled its new set of reforms on Friday aimed at strengthening the corporate credit union system. The  reforms include stronger capital requirements and the establishment of corrective-action measures for corporate credit unions; clear concentration limits on investments for increased diversification; improvements to asset-liability management; and increased governance standards. The NCUA assumed conservatorship of Members United Corporate Federal Credit Union of Warrenville, Ill., Constitution Corporate Federal Credit Union of Wallingford, Conn., and Southwest Corporate Federal Credit Union of Plano, Texas. The NCUA now has five credit unions in conservatorship that account for about 98% of the troubled assets in the space, according to chairman Debbie Matz. Matz said the seized credit unions had balance sheets that were too heavily weighted in mortgage-backed securities and when that market collapsed in 2008 and 2009, they simply couldn't recover. "While this is very regrettable, the final corporate rule and the plan for the legacy assets are otherwise not only as we expected, but as we had advocated on behalf of federal credit unions," said Fred Becker, president of the National Association of Federal Credit Unions. Write to Jason Philyaw.

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