The NCUA sued investment bank Goldman Sachs last week, seeking damages of more than $491 million and alleging misrepresentations by the firm when selling mortgage-backed securities to U.S Central and Western Corporate credit unions.
Not enough CUs prepaid to launch the program.
Ohio-based corporate pledges $604,533 as deadline arrives for commitments.
Correction: Deadline arrives today for commitments; NCUA will announce results on Aug. 9.
The NCUA has sued RBS Securities for $685 million, alleging that that firm misled Western Corporate FCU (WesCorp) when it sold it mortgage-backed securities.
Second suit against RBS Securities seeks $685 million for mortgage-backed securities sold to WesCorp.
There is, we are told, no such thing as a free lunch. For the NCUA, however, there may well be free money.
Credit unions and their trade groups appear to be voicing support for the NCUA plan to allow credit unions to prepay some of the cost of the bailout of corporate credit unions.
See you in court. After failing to reach an agreement with two of the largest investment bank to recover losses from mortgage-backed securities sold to corporate credit unions, the NCUA last week filed civil lawsuits against RBS Securities, a Royal Bank of Scotland unit, and J.P. Morgan Securities. The agency is...
Credit unions in a range of sizes mostly indicated a general willingness to participate in the NCUA’s corporate credit union assessment prepayment plan. But some said they wanted more information on, or modifications to, the proposal.