The NCUA said it is suing U.S. Bank National Association and the Bank of America National Association.

The lawsuit, filed in federal court, said the defendants "failed to perform the threshold duties of taking full possession of the original notes and mortgages and properly reviewing the mortgage loan files for irregularities."

If the defendants had fulfilled their obligations, "a significant percentage of the mortgage loans in the trusts would have been repurchased or substituted," the complaint said.

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