Most credit union leaders decline comment on order against failed corporate leaders but some criticism emerges.
The NCUA has failed to prove that J.P. Morgan Securities the firm made “material misrepresentations” to the corporate credit unions when selling them residential mortgage-backed securities, according the firm’s court filing. And with that J.P. Morgan asked a federal judge to dismiss the agency’s June lawsuit against it.
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...
The NCUA has threatened to sue four investment banks if they don’t refund $50 billion from the sale of mortgage-backed securities to five corporate credit unions that the agency conserved last year, according to several sources within the credit union industry.
"We are helping credit unions to survive during tough times," said Amy Rapp, a senior manager at Western Bridge Corporate Federal Credit Union.
It's not over until it's over.
Not so fast when it comes to dismissing complaints against Western Corporate Federal Credit Union's outside directors--that is the gist of yesterday's filing by NCUA in the continuing case of NCUA v. Siravo, et. al.
In a dense, 23-page preliminary decision, Judge George H. Wu has handed out holiday cheer to former directors of Western Corporate Federal Credit Union, according to experts who have studied the decision distributed to involved parties on Monday.
Corporate America Credit Union has purchased and assumed Smart Source Solutions, the CUSO owned by Constitution Corporate FCU, which the NCUA plans to liquidate by the end of November.
The NCUA said today that on Nov. 30 it will liquidate Constitution Corporate FCU, one of the three coporates it conserved in September.