NCUA tries to recover $2.4B in MBS losses

NCUA tries to recover $2.4B in MBS losses

In yet another resolution of claims related to the sale of risky MBS, BofA has agreed to pay $165 million to the U.S. regulator for credit unions. BofA Settles Credit Unions’ Claims – April 3.

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A lawsuit from the big banks targeting the national credit union administration isn’t likely to go far. That’s the word from some analysts after a suit last month from a group of banks claiming the NCUA breached its settlement agreement in a previous case regarding mortgage-backed securities sold to now-defunct corporate credit unions.

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Since then, the NCUA has been trying to recover the losses. The dismissal of the case is a setback for the NCUA. The regulator had sued 10 major global banks on similar charges.

In yet another resolution of claims related to the sale of risky MBS, BofA has agreed to pay $165 million to the U.S. regulator for credit unions.

The news agency released the following update on the litigation: The U.S. Court of Appeals in Denver today unanimously affirmed a lower-court ruling that the NCUA can rely on an “extender statute”.

Over the past few months, the company has been trying hard to overcome the losses from its home loan business. In Jan 2013, BofA announced nearly $14 billion worth of settlements to end its.

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were blamed in part for the extent of thrift institution losses in the 1980s because they expanded powers of thrifts to take on more risk when many of them already had negative capital. thrifts suffered huge capital losses when short-term interest rates were raised by the Fed in 1979.

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Citigroup threw another $20.5 million into NCUA’s settlement pot, which will offset the $5 to $9 billion in fees the agency is charging solvent credit unions to pay for losses. of recovery is.

The Wall Street Journal is reporting that the National Credit Union Administration (NCUA) has threatened to sue several investment banks unless they refund over $50 billion of mortgage-backed securities sold to the five failed corporate credit unions. The $50 billion in bonds currently have a face value of $25 billion.

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