The National Credit Union Administration (NCUA) seized control of the nation's two largest corporate credit unions on Friday due to growing losses on their private label MBS.

NCUA placed into conservatorship Western Corporate FCU, San Dimas, Calif. which provides services to 1,022 regular credit unions, and U.S. Central FCU, Lenexa, Kan., which serves as a banker to both WesCorp and 25 other corporate credit unions.

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