ALEXANDRIA, Va. – NCUA announced two large legal recoveries this week from claims relating to mortgage-backed securities: $445 million from UBS and $400 million from Credit Suisse. The recoveries stem from claims arising from losses related to purchases of securities by corporate credit unions.
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UBS AG has wrapped up another lawsuit arising from its sales of mortgage-backed securities to credit unions that later failed. The national credit union Administration said Monday that the Zurich-based bank paid 5 million to resolve claims alleging it misrepresented the quality of roughly $1.15 billion of residential MBS it sold to U.S. Central Federal Credit Union and Western Corporate.
Credit Suisse will pay $400 million and UBS $445 million to settle the NCUA claims. The NCUA brought RMBS fraud claims against Credit Suisse, alleging that the bank made false and misleading statements about the quality of the mortgage loans underlying the RMBS it sold to three credit unions that later failed.
The NCUA, on behalf of U.S. Central Federal Credit Union and Western Corporate Federal Credit Union, has received $445 million from UBS for claims arising from losses related to purchases of residential mortgage-backed securities by those corporate credit unions.
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UBS Group AG (UBS) has paid the National Credit Union Administration $445M to settle claims brought on behalf of Western Corporate Federal Credit Union and U.S. Central Federal Credit Union, which both failed after they sustained losses from residential mortgage-backed securities they purchased through the broker-dealer.The two credit unions went into conservatorship several years ago.
The NCUA will receive $69.8 million from UBS in damages and interest for claims arising from losses to Members United and Southwest, two corporate credit unions that failed during the financial crisis, related to purchases of residential mortgage-backed securities.
NCUA recovers $445 million in UBS Suit Agency’s litigation efforts have resulted in nearly $4.8 billion in recoveries. ALEXANDRIA, VA (May 1, 2017) – The National Credit Union Administration.
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KEYWORDS First Financial Network National Credit Union Administration NCUA whole loan trading The National Credit Union Administration is selling an $80 million portfolio of performing and.
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