The $247 million Picatinny Federal Credit Union is continuing to take the legal lead among credit unions victimized by vendor U.S. Mortage Corp. and its credit union division, CU National Mortgage.
According to court documents, the Dover, N.J.-based credit union filed suit yesterday against Fannie Mae over more than $14 million in disputed mortgages.
The suit singles out former U.S. Mortgage President and CEO Michael J. McGrath, who the suit alleges posed as a Picatinny vice president when he fraudulently sold 58 mortgages to Fannie Mae.
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