You could almost hear the sound of money getting counted throughout the world of credit unions as word spread Tuesday that JP Morgan Securities had decided to settle – for $153.6 million – a suit filed against it by the Securities and Exchange Commission over bad bundles of mortgage-backed securities.
The SEC charge tracked the claims made by the NCUA in its suit against JP Morgan, namely that it had fraudulently packaged MBS investments.
Just one problem, according to attorneys who agreed to offer comment on the basis of maintaining anonymity. The NCUA is not the SEC.
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