Legacy Assets

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Banking

The Legacy Assets are a portfolio of debt securities held by the Asset Management Estates (AMEs) of failed corporate credit unions. Legacy Assets include those assets that were securitized through the NCUA Guaranteed Note (NGN) Program in late 2010 and early 2011, assets that were retained by the AMEs, and assets that were sold outright in late 2010 and early 2011.

Legacy Assets primarily consists of:

Private label, residential mortgage-backed securities (Non-Agency RMBS);
Agency mortgage-backed securities (Agency MBS);
Commercial mortgage-backed securities (CMBS);
Student loan asset-backed securities;
Other asset-backed securities (ABS); and
Corporate bonds.

National Credit Union Administration (NCUA) — Corporate System Resolution Costs Glossary retrieved 2014-05-27