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Legacy Asset Profile - Overview

​The Legacy Assets are distressed investment securities held by the Asset Management Estates (AMEs) of failed corporate credit unions. 

Legacy Assets primarily consist of the following:

  • 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.

The following graphics and tables explain key characteristics of the Legacy Assets that were securitized through the NGN program. 


Distribution by Legacy Asset Type and Balance Outstanding ($ Billions) 


Distribution of Legacy Assets by Asset Type and Qualified by Balance Outstanding ($ Billions) 

The reduction of the balance outstanding is a result of principal repayments and realized losses, $3.92 million and $1.75 million in 2011, respectively.
Prior periods updated to reflect reclassification of certain securities.

 

  

Legacy Assets Contributed by Asset Management Estate (AME) at Liquidation 

  
  

Credit Rating Distribution of Legacy Assets at Issuance versus Liquidation of Corporate Credit Unions


Rating Distribution Dec. 2010
The rating is based on the lowest published rating by S&P, Moody’s, or Fitch.

* Ratings are as of December 31, 2010, which approximates the liquidation date of the failed corporate credit unions.
** Below Investment Grade means rated below BBB-

  

 

Rating Distribution of Legacy Assets  


The following information will be updated semi-annually. The next update will be completed by October 31, 2012.

 

  •  The rating is based on the lowest published rating by S&P, Moody’s, or Fitch.
  •  Below Investment Grade means rated below BBB-