NCUA tries to recover $2.4B in MBS losses

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NCUA is trying to deflect attention from its failure as a regulator by threatening to sue several investment banks over mortgage-backed securities they sold to five failed corporate credit unions.

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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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.

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 associated with.

Prior to this award, the agency recovered $335 million from parties that sold bad mortgage-backed securities to the credit unions. The NCUA, like the FHFA, is a regulatory agency tasked with trying to recover losses from investments in deficient securities on behalf of failed institutions.

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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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.

A credit union is a cooperative financial institution chartered by the NCUA or a state government, and owned by its individual members. The National Credit Union Share Insurance Fund provides members of federally insured credit unions with up to $250,000 in insurance coverage.

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