Court grants administration permission to foreclose on office building


The National Credit Union Administration has received court permission to foreclose on a speculative downtown Las Vegas office building it inherited after the 2009 liquidation of Ensign Federal Credit Union.

Spokesman David Small said Tuesday the NCUA has not begun foreclosure proceedings, since the stay was just lifted last month by a federal bankruptcy court. He declined further comment.

The court ruling will allow the NCUA, which holds a $1.5 million debt on the property located at 2500 E. Washington Ave., to sell the building.

The NCUA inherited the loan after it liquidated the Henderson-based credit union. Ensign FCU had 7,900 members and $98 million when it was placed into involuntary liquidation on Nov. 13, 2009, and InTouch Credit Union (formerly EDS Credit Union) of Dallas purchased and assumed Ensign's member share accounts.

Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.

 

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