On Monday, the national credit union administration announced that it collected $445 million from UBS to settle RMBS losses at two failed corporate federal credit unions. That brought RMBS recoveries collected on behalf of several failed corporate credit unions to $4.8 billion. On Wednesday, the NCUA reported another settlement reached.
The NCUA receives $445 million from UBS to settle faulty residential mortgage-backed securities.. The NCUA in April 2016 recovered $79.3 million from UBS for losses from two other corporate.
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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 $445 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.
ALEXANDRIA, Va.-Just days after recovering $445 million from UBS, as CUToday.info recently reported here, the agency announced it has recovered $400 million from Credit Suisse related to investments in toxic mortgage-backed securities purchased by corporate CUs that failed.. As a result, NCUA reported that its legal recoveries on behalf of five failed corporate credit unions that purchased.
Losses related to Morgan Stanley’s sale of allegedly faulty residential mortgage-backed securities led to a $225 million settlement between the National Credit Union Administration and Morgan Stanley Thursday. The settlement brings total recoveries for the NCUA to more than $2.45 billion.
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Under the terms of the settlement, UBS agreed to pay $445 million to end the NCUA’s five-year old lawsuit (the filing of the lawsuit was covered Voluntary Dismissal. The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
ALEXANDRIA, Va. – UBS Securities LLC will pay $445 million to the National Credit Union Administration (NCUA) to settle claims that UBS sold residential mortgage-backed securities (MBS) to two failed credit unions in violation of federal securities laws, according to an NCUA press release issued May 1 (National Credit Union Administration Board v.
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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.