Ed Roberts

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.

The National Cooperative Bank has purchased a $7.25 million loan participation in a $12.25 million loan facility with Alaska USA FCU.

Federal prosecutors in Cleveland filed papers Aug. 2 seeking to seize a home owned by Alex Spirikaitis, the fugitive CEO of Taupa Lithuanian CU.

A federal appeals court has directed NCUA and Barclays Capital to negotiate a possible settlement of claims in the corporate credit union crisis.

One credit union expert told Congress that credit unions should have a major role in creating and overseeing a proposed federally backed secondary mortgage market agency in the case of a wind-down of Fannie Mae and Freddie Mac.

The appeals court has set an Aug. 28 deadline for NCUA to file a written brief in the case.

A leading credit union executive urged lawmakers to maintain a role for the federal government in whatever reform scheme they adopt for the secondary mortgage market.

Standard &Poor's said statements about the integrity of its ratings are "puffery" that cannot be a basis for the fraud lawsuit.

At issue is whether NCUA waited too long to satisfy the three-year federal statute of limitations on civil claims of securities violations for sales that occurred as long as six and seven years before the suits were filed.

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.