Meanwhile, Back in the Mortgage Mess

Last week Salt Lake Credit Union announced it was merging into Mountain America Credit Union. This week the condition of SLCU's adjustable-rate residential construction loan portfolio came to light. In September SLCU reported that it had $0 in 2-6 month delinquencies; in December it reported $824,604. In September it reported $315,857 in less than 2 month delinquencies; in December it reported $22.6 million. Does anyone else see a problem here, especially with a lot more ARMs set to reset this year? SLCU's first quarter report is due in about a month. I think people need to be watching for it.