The Real Deal Miami

Mortgage crash crunches Credit Union

May 19, 2008 10:03AM

Eastern Financial Florida Credit Union suffered a $30 million foreclosure on a busted condo project and lost $68 million in mortgage- and asset-backed securities whose values plummeted in the collapse of the subprime mortgage market. South Florida’s largest credit union lost $5.5 million in the first three months of this year, and its long, storied history is badly tarnished.