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The NCUA, which successfully recovered billions from the big banks that sold toxic mortgage-backed securities leading to the collapse of corporate credit unions, is now being sued by some of those big banks alleging the independent federal agency repeatedly breached a 2013 agreement that settled the faulty securities dispute.

Sixteen financial entities and their mortgage subsidiaries including Countrywide Financial Corp., CABS Inc., Merrill Lynch, First Franklin Financial Corp., and Bank of America, filed a lawsuit Monday in U.S. District Court in Washington D.C.

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Peter Strozniak


Credit Union Times

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