Ed Roberts

Credit unions are selling increasing amounts of their record mortgage loans on the secondary market, almost all of them to Fannie Mae and Freddie Mac.

A federal court dismissed a suit brought by NCUA against Barclays Capital for the sale of $555 million of faulty mortgage-backed securities to U.S. Central FCU and WesCorp FCU.

A federal judge has rejected Standard & Poor’s bid to dismiss a Justice Department suit claiming it intentionally ignored its own standards rating risky investments sold to WesCorp FCU and Eastern Financial Florida CU.

Republican members of the House Financial Services Committee expressed concern this morning that the Consumer Financial Protection Bureau is collecting personal purchasing information on tens of millions of Americans in contravention of privacy requirements contained in the Dodd-Frank Act.

The Consumer Financial Protection Bureau is expected to tell Congress it will be carefully protecting individuals’ privacy as it builds a massive database on consumer financial behavior and on home mortgages.

The former vice president of lending at Members Choice CU pleaded guilty to creating $340,000 of loans in unwitting members’ names that he used to pay his credit card bills, his taxes and for home improvements.

The NCUA board passed tough new regulations for loan participations that would that would set new requirements for sellers and buyers.

The credit union lobby on Tuesday was measured in its comments about the proposed privatization of Fannie Mae and Freddie Mac, even as it seeks to carve out secondary market protections for credit unions.

Poor underwriting and even fraud have been involved in various participation schemes, including the failure of the Central States Mortgage CUSO.

A leading credit union executive called on Congress this morning to exempt credit unions from new Qualified Mortgage rules that would generally bar them from making subprime and other risky mortgages.

CO-OP Financial Services has lauched a new suite of mortgage offerings in partnership with LenderLive Network.

The request for a stay was opposed by NCUA, which argued that delay could prejudice the outcome of its cases by changing the nature and availability of certain evidence and records.

The banks object to a consolidation, saying each of the cases has separate claims, defendants, originators, disclosures, loans and evidence.

Standard & Poor's called the civil allegations in the Justice Department’s suit a “stretch” that were based on loosely connected charges with little specificity.

A federal court has dismissed civil negligence charges against Todd Lane, who had been chief financial officer of WesCorp FCU.

A federal judge has dismissed the majority of $590 million of mortgage-backed securities claims brought by NCUA against Credit Suisse Securities in the 2009 collapses of U.S. Central FCU and WesCorp.

A federal court in New York ordered Standard & Poor’s to produce all records related to $72 million of failed mortgage-backed securities CUNA Mutual Group bought from RBS Securities.

NCUA announced a $165 million settlement with Bank of America over claims that mortgage giant Countrywide, which B of A acquired in 2008, sold faulty mortgage-backed securities to failed corporate credit union giants U.S. Central FCU and WesCorp FCU.

Credit unions are worried a proposal by the Financial Accounting Standards Board to use an expected loss method to measure loan losses will require them to increase loan loss reserves and are calling on the FASB to withdraw the proposal.

Langley FCU has signed with Mortgage Cadence to implement the company’s Symphony platform to support the credit union’s rapidly expanding mortgage program.