The NCUA reported April 2 that it scored a $165 million win against Wall Street, reaching a settlement with Bank of America over residential mortgage-backed securities losses at failed corporate credit unions. Bank of America did not admit fault as part of the settlement, the NCUA said in a release.
NCUA Chairman Debbie Matz said in a statement, "These settlements and our ongoing lawsuits further NCUA's goal of minimizing the losses of the corporate crisis and cutting future costs to credit unions."
The NCUA has recovered $335 million in legal settlements, including agreements with Citigroup, Deutsche Bank Securities and HSBC worth $170.75 million.
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