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Mortgage fees charged without proper disclosures were among concerns whistleblower Scott Norris raised to little effect, he alleges.
A bipartisan group of 10 senators also urged the Senate leaders to delay the rate hikes, which will average 10% for policies written or renewed on or after Oct. 1.
The credit union has agreed to dismiss claims that Barclays filled the CDO with junk, hastening the demise of the one-time $2.4 billion credit union.
Richard Jungen, the founder of Central States Mortgage Co., along with three associates, was charged in a federal indictment with a scheme to defraud the CUSO’s 25 credit union investors by siphoning more than $9 million to themselves.
The Federal Home Loan Banks are calling on NCUA to amend its proposed rules on interest rate swaps to allow the 12 regional banks to participate in the fledgling business.
The restitution may make the credit unions whole as separate settlements with their insurer, CUMIS Insurance Society, and Fannie Mae preceded it.
The claims are part of a suit seeking $629 million in damages from RBS Securities and several mortgage originators.
Self-Help Federal Credit Union has officially reopened the failed thrift in conjunction with Chicago's Resurrection Project.
The estate for U.S. Mortgage Corp. and its CU National Mortgage subsidiary paid 26 credit unions and Fannie Mae an initial distribution of $8 million last week.
NCUA has filed almost $10 billion of claims against the biggest Wall Street banks for the sale of faulty mortgage-backed securities to five failed corporate credit unions.
NCUA filed suit against Morgan Stanley & Co., Inc. and other firms, alleging violations of federal and state securities laws in the sale of more than $566 million in mortgage-backed securities to U.S. Central and WesCorp.
CUNA Mutual Group filed five different civil fraud suits in federal court against major Wall Street banks seeking to force the banks to buy back $285 million worth of residential mortgage-backed securities gone bust.
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