Ed Roberts

Goldman Sachs this week asked a federal court in Los Angeles to dismiss a billion-dollar private label MBS related lawsuit brought against the firm by the National Credit Union Administration.

The New York Court of Appeals late Thursday agreed to allow the National Association of Federal Credit Unions to argue that the state's federally chartered CUs should be exempt from the state's mortgage recordation tax.

Seven individuals in the Cleveland area have agreed to plead guilty to bank fraud charges in the 2010 failure of St. Paul Croatian Federal Credit Union and will testify against the main figure in the case, a purported international crime figure.

Alabama prosecutors opened a trial this week against a woman accused of helping her brother run a sophisticated fraud that helped obtain millions of dollars in fraudulent mortgages from First Educators Credit Union in Birmingham and other lenders to finance condominium rehabs at the Gulf Shores resorts.

NCUA said Tuesday afternoon it filed another suit against a big investment firm over the sale of mortgage-backed securities to failed corporate credit unions, this one naming defunct Wachovia Bank and its subsidiaries as defendants.

A Minneapolis broker who helped borrowers tap area credit unions and banks for more than $8 million in mortgages to buy homes at inflated prices was sentenced Monday to 10-and-a-half years in prison.

JPMorgan Chase late last week rebutted federal claims that it misled four now defunct corporate credit unions into buying $1.5 billion of risky MBS and pointed the finger - as NCUA's own internal reviews have - at the management of the failed corporates and at NCUA's own examiners.

CUNA Mutual Group assured credit unions Monday that its CMG Mortgage Insurance joint venture remains financially viable and can pay claims despite the financial troubles of its joint venture partner, PMI Group, San Francisco.

A leading credit union executive told the Senate Banking Committee this morning that ongoing proposals to wind down Fannie Mae and Freddie Mac and privatize the secondary mortgage market would harm credit unions and other community lenders to the detriment of millions of homebuyers.

The New York State Court of Appeals late Wednesday agreed to hear an appeal from Hudson Valley Federal Credit Union, which claims its status as a federally chartered credit union should exempt it from the state's recordation transfer tax on all real estate transactions.

The government indicted a Philadelphia mortgage broker this week, accusing him of masterminding a $4 million mortgage fraud scheme that he allegedly ran through Police & Fire Federal Credit Union.

Pentagon Federal Credit Union, Alexandria, Va., said its PenFed Realty unit has acquired Prudential Carruthers Realtors, a leading real estate broker in the Washington metro area with more than 800 brokers.

Royal Credit Union, Eau Claire, Wisc., has agreed to acquire 4,200 mortgages with an unpaid principal balance of $600 million from a failed Minnesota bank called The RiverBank. No purchase price was disclosed.

Technology Credit Union, San Jose, Calif., has applied to the National Credit Union Administration to convert to a mutual savings bank, which, at $1.5 billion, would be the biggest credit union conversion to bank yet.

RBS Securities late last week asked a federal court in Los Angeles to dismiss securities claims against it by the National Credit Union Administration in the failure of WesCorp FCU, saying the now defunct wholesale institution was a sophisticated investor and knew the risks of investing in almost $1 billion of nonprime MBS.

A new report issued by the National Credit Union Administration blames the agency's Office of Corporate Credit Unions for failing to identify a high concentration of risky MBS at the now defunct Southwest Corporate Credit Union of Texas, a $12 billion institution.

The National Credit Union Administration this week proposed a handful of regulatory measures, including new rules on participations that would require residential originators to retain some of the loans they participate out.

The National Association of Federal Credit Unions told Senate leaders this week that continued U.S. support of mortgage-backed securities through Fannie Mae and Freddie Mac is critical for these non-profit lenders.

A New Jersey mortgage broker has been charged with submitting false information to qualify for 13 multifamily loans with the help of a loan coordinator at Paragon Federal Credit Union, Montvale, N.J.

Fannie Mae has agreed to settle multi-million dollar claims brought by several of the biggest victims of the massive CU National Mortgage scandal, more than two years after the fraud brought down the largest independent mortgage wholesale provider to credit unions.