Joseph Herbst, a top executive at two large corporate credit unions that failed under the weight of risky mortgage investments, emerged last week after being hired as the new CEO for CUMAnet, a mortgage lending credit union services organization (CUSO) based in Basking Ridge, N.J.

Herbst — who will lead the effort by the regional CUSO to expand nationwide — served as chairman of the now defunct U.S. Central Federal Credit Union, and was CEO of the recently-failed Members United Corporate Federal Credit Union.

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