Defendants in the litigation flowing from the liquidation of theWestern Federal Corporate Credit Union have served notice thatthey want to depose the NCUA in the case.

According to documents filed by the U.S. District Court for theCentral District of California under Judge George Wu, thedefendants, Robert Siravo, Todd Lane, Robert Burrell, ThomasSwedberg and Timothy Sidley, are seeking to question agency staffabout mortgage-backed securities WesCorp purchased from J.P. MorganSecurities, RBS Securities and Goldman Sachs & Co.

Specifically, the defendants want to question the agency about“the history, formation, risk, popularity, public perception andindustry perception” of residential mortgage-backed securities,private-label MBS and option arm MBS purchased between 2000–2007.In addition, they want to know the extent that CUs and corporateCUs purchased those securities to diversify their investmentsduring that period.