NCUA second letter is posted below.

Jimmy Carter may have to return his Nobel peace prize.

Settle.

There are insurance laws that should be complied with.

What did Lay WRITE in second email message?

We will see. At the right time.

Please see the attached letter.

NCUA, Region V, Tempe, AZ

Division of Supervision

602-302-6000

r5dosmail@ncua.gov

FCU 05851-K6

PAL #08-6871

From: bill payne [mailto:bpayne37@comcast.net]
Sent: Wednesday, November 12, 2008 11:27 AM
To: _Region 5 Mail
Cc: Amorales58@Comcast.Net; MaryE.Herrera@state.nm.us; board_of_directors@slfcu.org; tanya.kubinec@wpafb.af.mil; jim.kovakas@usdoj.gov; alexander.morris@hq.doe.gov; the.secretary@hq.doe.gov; Eichhorst, Julia E.; foialo@nsa.gov; bill.leonard@nara.gov; rshultz@cabq.gov; dbowdtch@cabq.gov; mcallaway@cabq.gov; mcastro@cabq.gov; kmccabe@cabq.gov; jhamman@cabq.gov; mayor@cabq.gov; _Region 5 Mail; angel.espinoza@state.nm.us; James.Flores@state.nm.us; Paula.Templeton@state.nm.us; dft@newmex.com
Subject: we are concerned that NCUA may not be properly processing our fraud loss claims in accordance to its rules

Ms Lay:

Mr Morales and his family are under financial stress largely due to the money stolen from his SLFCU savings account.

Click on the below link to see the full text of our eletter to you.

Let’s all hope for peaceful settlement of these unfortunate matters before they get worse.

We welcome SLFCU’s Supervisory Committee’s help

Bill payne

Mr. Bill Payne (email: bpayne37@comcast.net) VDear Mr. Payne:

This letter is in response to your follow-up email dated November 12, 2008, where you state that National Credit Union Administration (NCUA) may not be “properly processing” your fraud loss claim according to the rules. We handled your complaint against Sandia Laboratory Federal Credit Union according to the Supervisory Committee Guide for Federal Credit Unions, as required. The NCUA is the independent federal agency that charters and supervises federal credit unions. In addition, we provide insurance on deposits in federally insured credit unions in the event of a credit union failure; however, we do not provide the type of insurance you state in your email. You cannot file a “fraud loss” claim with us.

After review of all information provided, we consider your complaint resolved. If you feel there are remaining issues, you will need to seek your own legal counsel. NCUA does not provide legal advice, nor does it represent either the consumer’s or the credit union’s interest in disputes. As of the date of this letter, NCUA considers this matter closed.

Sincerely,

/SIGNED/

Kelly Lay

Director of Supervision

05851-K6

cc: Sam Felix, Chairperson, Supervisory Committee

Ms Lay:

Let's all hope for peaceful prompt settlement of these unfortunate matters. Bill payne

Thursday November 13, 2008 14:28

http://www.prosefights.org/nmlegal/libel/libel.htm#lay

Ms Kelly Lay, Director
Division of Supervision
1230 West Washington Street, Suite 301
Tempe, AZ 85281
Office (602) 302-6000
Fax (602) 302- 6024
E-mail: region5@ncua.gov

Dear Ms Lay:

Sandia Laboratory Federal Credit Union [SLFCU] lawyer Kevin Hammar writes in his October 21, 2008 letter seen at at http://www.prosefights.org/nmlegal/hearing/hearing.htm#hammarthreat

For these reasons, you are now both notified that the credit union now invokes its right to exclude both of you from any and all of its business premises. Neither of you may enter onto credit union property for any reason. All of your legitimate credit union business hereafter may be conducted only by internet or mail. Should you ignore this notice, the credit union may elect to have you removed as trespassers

Section 4. Continuation of membership. Once a member becomes a member that person may remain a member until the person or organization chooses to withdraw or is expelled in accordance with the Act and Article XIV of these bylaws. A member who is disruptive to credit union operations may be subject to limitations on services and access to credit union facilities. A credit union that wishes to restrict services to members no longer within the field of membership should specify the restrictions in this section.

Article XIV. Expulsion and Withdrawal Section 1. Expulsion procedure; expulsion or withdrawal does not affect members’ liability or shares. A member may be expelled by a two-thirds vote of the members present at special meeting called for that purpose, but only after the member has been given the opportunity to be heard. A member also may be expelled under a nonparticipation policy adopted by the board of directors and provided to each member in accordance with the Act. Expulsion or withdrawal will not operate to relieve a member of any liability to this credit union. All amounts paid in on shares by expelled or withdrawing members, before their expulsion or withdrawal, will be paid to them in the order of their withdrawal or expulsion, but only as funds become available and only after deducting any amounts due to this credit union.

4.12 You play an essential role in reviewing members’ complaints. You will want to make certain you handle complaints in an impartial and independent manner to ensure that you treat all members fairly. If a complaint identifies a policy or procedure that needs correction, you will want to follow through to ensure that the board of directors and credit union management implement corrective changes.

Types of Complaints. Although the types of member complaints vary greatly, the following are somewhat representative.

Concerns with:

1. Lending policies and procedures.

2. Loan rejections.

3. Annual meetings.

4. Share withdrawals.

5. Dividend rates and terms.

6. Credit union services.

Regardless of the nature of the complaint, you must conduct a full and complete investigation.

Receipt of complaints. A member may complain either directly to you or, as frequently happens, to the National Credit Union Administration (NCUA). NCUA will normally refer the matter to you. It will request that you investigate the complaint and furnish the NCUA regional office with a written report. The regional office then sends the member a final response letter. Investigation of complaints. Regardless of how the complaint is brought to your attention, it is suggested that you follow these general steps when investigating the complaint (not necessarily in the order given.)

(a) Read the complaint letter. Briefly outline the areas of complaint and questions asked by the complainant.

(b) Determine the appropriate type of investigation.

(c) Interview the complainant, if possible. A personal interview with the member is preferable. If you are able to interview the member:· Conduct interviews in private.

· Be careful not to express an opinion as to the probable validity of the complaint.

· Conduct discussions in a courteous and professional manner. Convey a sincere regard for the member’s concerns.

· Keep an open mind. Some statements made by the member may not be valid, but they do not disprove his/her entire complaint. The member usually knows little of the internal operation of the credit union, or standards of credit worthiness.

· If the complaint is routine or simply a disagreement, inform the member that they can resolve it directly with credit union staff.

(d) Review the complainant’s credit union file.

(e) Review pertinent written credit union policies and procedures, and determine their compliance with applicable credit union laws and regulations.

(f) Review pertinent unwritten procedures (i.e., practices observed by the credit union).

(g) Interview appropriate credit union officials and/or employees.

(h) Review several loans, if necessary, to determine the actual practices of the credit union and how they relate to the complaint.

(i) Determine the validity of the complaint.

· Do not rely on the credit union’s manager or employees to do the investigation for the committee. You should obtain all information firsthand, where possible. Try to determine what actually happened, rather than obtaining various versions of what happened.· You should not initiate a joint meeting between the complainant and the credit union officials as a means of resolving disputes or expediting the investigation. This is often counter-productive and may intimidate the complainant. You act as a liaison between members and management when disputes arise.

· Remember that no one likes to be investigated. Credit union officials and employees will often be defensive and complainants may also be antagonistic. You will need to be very skillful and tactful in obtaining the necessary information without alienating any of the parties involved.

j) Work with the officials to develop plans to correct any improper, unfair, or discriminatory practices, if applicable, or make appropriate recommendations.

k) Have corrective action implemented or obtain agreements from appropriate credit union officials and/or employees they will make corrections within a specified time.

l) When applicable, prepare and submit the written report to NCUA’s regional office. Write the report in a clear, concise, and factual manner. NCUA will usually send the report to the complainant as part of the regional office’s final response to the individual.

m) If the complaint was made directly to the committee (and NCUA is thus not involved ), prepare and submit a written response to the member. vn) You should maintain a file of all complaint resolutions.

http://www.prosefights.org/nmlegal/libel/libel.htm

http://www.prosefights.org/nmlegal/apdstatement/apdstatement.htm#statement1

That pace is expected to quicken. The number of late payments and defaults will double, if not triple, by the end of next year, according to analysts from Fitch Ratings Ltd., which evaluates companies' credit.

"We're probably in the first inning of the commercial mortgage problem," said Scott Tross, a real estate lawyer with Herrick Feinstein in New Jersey.

That's bad news for more than just property owners. When businesses go dark, employees lose jobs. Towns lose tax revenue. School budgets and social services feel the pinch.
...

But many banks no longer hold the loans they made. Over the past decade, banks have increasingly bundled mortgages and sold them to investors. Pension funds, insurance companies, and hedge funds bought the seemingly safe securities and are now bracing for losses that could ripple through the financial system.

Friday November 28,  2008 19:11

PBGC is a federal corporation created by the Employee Retirement Income Security Act of 1974. It currently protects the pensions of nearly 44 million American workers and retirees in more than 29,000 private single-employer and multiemployer defined benefit pension plans. PBGC receives no funds from general tax revenues. Operations are financed by insurance premiums set by Congress and paid by sponsors of defined benefit plans, investment income, assets from pension plans trusteed by PBGC, and recoveries from the companies formerly responsible for the plans.

The top worry of our poll respondents is the health of Social Security; 88 percent called the issue important or very important. it most likely looms large because of the increasing fragility of other sources of retirement income, Only about half of working Americans are enrolled in a pension or 401(k) plan. Americans have lost as much as $2 trillion in retirement savings over the past year and a half. In our survey, 52 percent of respondents ages 55 to 64 said they lost retirement savings in the market drop. For those in or near retirement, there is little time to recoup their lost nest eggs, making Social Security that much more important.

Social Security is safe now, but by 2041 payroll taxes will cover only 78 percent of money paid out to beneficiaries. Congress might decide to raise the eligibility age, which it has done in the past, as well as cut benefits for those not yet retired or raise taxes on high-wage workers.

Pensions and retirement accounts are the other main sources of retirement income. Eighty-five percent of our poll respondents said they want those protected from financial institutions going bust. Their concem is valid. Some companies have reduced or suspended their contributions to 401(k) plans, as General Motors did for its salaried workers in October, and some corporate and public pensions look increasingly shaky.

According to an October analysis of the largest 500 companies in the U.S. by ratings agency Standard and Poor's, pensions are "on the way to reporting the largest underfunding in history," worse than the $219 billion in underfunding reported during the last bear market, in 2002. A separate analysis of the same 500 companies by Goldman Sachs in October showed that 18 employers, including General Motors, U.S. Steel, and Boeing, have pension obligations that exceed the value of the companies. ExxonMobil, Johnson & Johnson, and two others were underfunded by at least $1 billion. Some pensions were taking undue risk with their money, with 11 of the largest U.S. companies investing 80 percent or more of their pension plans in stocks, the Goldman Sachs report notes.

When corporate pensions can't meet their obligations, they're tumed over to a federal entity, the Pension Benefit Guaranty Corp., which insures the pensions of 44 million Americans. The PBGC announced it had lost more than $4 billion dollars on investments in fiscal 2008 through September. In recent years, the corporation has owed more money than it has available. At the end of fiscal year 2007 it had $68 billion in assets but $83 billion in liabilities. To make up the difference, in February it moved away from its old system of keeping money in Treasury securities and other safe investments and toward buying more stocks, bonds from emerging nations, low-rated bonds, and real estate, and investing money with private equity firms.

Public pensions aren't doing much better. The nation's largest public pension, the California Public Employees' Retirement System, has lost $63 billion, or 25 percent of its assets, since the beginning of 2008. If it can't recover that money, it could mean higher taxes for Californians.

The loss of retirement savings is forcing many retirees to scale back. They include Dan and Marion Gerbase of Venice, Fla. He worked in the food industry for 50 years, and the couple built an investment portfolio that they believed would be sufficient to fund a comfortable retirement. They have no company pension or medical plan, and they rely on Social Security and their investments for income. In the past year their portfolio has plummeted by 29 percent and their condo's value has fallen 30 percent. They are in their mid-70s and have Medicare coverage but still pay $3,800 a year for a secondary hospital and medical plan, plus $600 a year for drugs.

To compensate, the Gerbases say, they've cut back on dining out and they buy cheaper groceries. Like 46 percent of those polled, they've canceled vacations, including postponing a cruise and calling off their annual trip to visit friends and family members.

Because so much of their wealth was tied up in stock investments, the Gerbases, like 78 percent of our poll respondents, want to see increased regulation of financial institutions. "We need to not only make sure that Wall Street doesn't invest in bad things but also that they don't walk off with big pay packages on their way out," Dan Gerbase says.

...

Consumer Reports January 2009

9) True or false: Annuities are covered by the Federal Deposit Insurance Corp.

ANSWER: False. They are covered by state guaranty associations. Like the FDIC, the associations impose maximum coverage limits, and limits vary from state to state. Note: Money in the subaccounts of a variable annuity is legally segregated from the insurers' assets; if the insurer fails, the owner gets whatever is in the subaccounts. Most states provide at least $100,000 for the guaranteed portion of an annuity contract, according to the Web site of the National Organization of Life and Health Insurance Guaranty Associations, http://www.nolhga.com/.

What if your account exceeds this amount? The value of a policy in excess of any statutory limit would be eligible for submission as a creditor claim in the receivership.

Mr. Cortazzo, the adviser, says buyers "definitely want to stay with the higher-rated carriers." The four highest ratings at insurance specialist A.M. Best Co. are A++, A+, A and A-. The other firms' highest grades are triple-A, followed by three categories of double-A.

We are learning from R Cargill Hall that the Pruduential matter [Cramer cnbc November 13, 2008] may be very serious.

Annuities payment problems possible for Sandia Laboratories retirees Cramer/Goldman-Sachs reported on Thursday November 13, 2008.

Cramer makes room in the Sell Block today for a whole gang of misfits, based on analysis that Goldman Sachs released on Tuesday. Today's Sell Block detainees: life insurance companies like Lincoln [HIG 12.65 2.19 (+20.94%) ], Hartford [ Loading... () ], Prudential [PRU 25.24 0.10 (+0.4%) ] and Principal [PFG 16.83 -1.93 (-10.29%) ]. To put it simply, they're in "big trouble," according to Goldman's piece.

According to the report, these insurance firms sold too many annuities that guaranteed a minimum level of income for the buyers. Now they have to "make good" on these promises while suffering HUGE losses in the stock market in recent weeks. These "variable annuity" products contributed about 35% of these companies' income in 2007. But now it's time to pay up -- where will they get the money?

Other reports.

Life insurance companies, hobbled by real estate investments and committed to paying some costly retirement contracts, face more cuts in their credit ratings before the year is up and have little choice but to seek capital in unforgiving markets. ...

Hartford Financial’s stock fell to $9.67 a share on Wednesday, a stunning 61 percent decline since last Wednesday. MetLife’s shares, which closed at $28, are down 22 percent in that period. Stock in Prudential Financial, which ended the day at $26.54, is down 32 percent. ...

But companies that got into the variable annuity market early may suffer, because early pricing models were too optimistic. Variable annuities differ widely, but in general they allow buyers to accumulate savings over a number of years, and then receive a stream of payments in retirement. To gain market share, many insurers added consumer-friendly features, like guaranteed minimum income streams and other guarantees. ...

With the stock markets shredding equity investors’ retirement accounts, people who bought variable annuities are in the enviable position of winning a bet against an insurance company. The insurers are going to have to make good, even if their own investment portfolios are battered. [Or go bankrupt?]

To:ted@maxoutsavings.com
Subject:did you hear cramer?
Date:Monday, December 01, 2008 3:57:31 PM

Ted

Did you hear cramer

http://www.cnbc.com/id/15840232?play=1&video=927745864&__source=yahoo%7Cheadline%7Cquote%7Cvideo%7C&par=yahoo

before or after you wrote.

Insurance Companies

We have received a number of questions on the insurance companies’ financial problems. The problems with the insurance companies appear to be the result of selling annuity contracts with guarantees attached to them. Now that the stock market has plunged, some companies are in financial trouble and need to raise capital. When I listened to the Hartford Insurance 3rd quarter earnings conference call the other day, I was amazed at how many times Wall Street analysts used the words “do not understand” in regards to their finances and annuity problems. Subsequent to the conference all, the stock quickly sold off from $20 to under $10 per share then to under $5. This has resulted in the absurd situation of Hartford buying a very small bank in Florida for $10 million so they could qualify for the TARP government bailout money. Lincoln National Life and Genworth Financial Insurance Company quickly followed suit so they could get Federal bailout money as well.

We believe that some insurance company annuity guarantees will fail and customers will have losses. We believe that most of the problems in the insurance companies reside in the annuity units. Most insurance companies are regulated by the states. If we have a failure of an insurance company, state regulators will move in quickly to protect policy holders in other units such as life and property casualty. When AIG had problems recently, the Federal Reserve stepped in with a bailout of over $100 billion. If that had not occurred, the states would have stepped in to protect the policy holders of the insurance units from the mistakes made in the financial and derivatives units. The bottom line is that if your insurance company fails, the states will move in to protect the policy holders. Where annuities could have a problem is that the money could be restricted from withdrawal and any guarantees could be lost. If an insurance company fails, your assets with the life insurance firm could be guaranteed up to a maximum of $100,000 protection; this applies to the cash value. The guarantee does not include annuity guarantees with the policy. Therefore, only the present value of a variable annuity is protected and only up to $100,000.

Regards

http://www.prosefights.org/nmlegal/shorthistory/shorthistory.htm#shorthistory

Brokers that peddled these securities told buyers that they were cash equivalents, easy to get out of and relatively safe. But the promises of liquidity turned false last February when buyers for the securities disappeared and the auctions began failing. The $300 billion market for auction-rates ground to a halt, entrapping thousands of investors both large and small, sophisticated and novice.

Why did securities regulators agree to settlement terms with UBS and other firms that wound up shutting some investors out? William F. Galvin, the secretary of the Commonwealth of Massachusetts and the regulator who secured the deal with UBS, said that the Oct. 1, 2007, redemption starting point was based on the date that officials concluded UBS knew the auctions were beginning to fail.

“If we could have proved that they knew two years beforehand, we would have attached liability to that period,” Mr. Galvin said. “Our goal was to get people out, and out as promptly as possible.”

...