TITLE

NCUA Files Suits Against Wall St

AUTHOR(S)
Roberts, Ed
PUB. DATE
June 2011
SOURCE
Credit Union Journal;6/27/2011, Vol. 15 Issue 24, p3
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports on the move of the U.S. National Credit Union Administration (NCUA) to file lawsuits against JP Morgan Securities LLC and RBS Securities Inc. to seek recoveries from the sale of faulty mortgage-backed securities (MBS). It notes that the banks sold MBS to four corporates including WesCorp Federal Credit Union which resulted in their failures. Debbie Matz, chairman of the NCUA, emphasized the responsibility of the NCUA in seeking to recover losses from those transactions.
ACCESSION #
61991195

 

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