NCUA wins bid to pursue MBS claims
The National Credit Union Administration won an appeals court ruling letting it pursue claims against big banks for allegedly making misleading statements to market mortgage-backed securities, Bloomberg reports. The news agency released the following update on the litigation:
The U.S. Court of Appeals in Denver today unanimously affirmed a lower-court ruling that the NCUA can rely on an “extender statute” giving it more time to file the lawsuits lenders said were filed too late.
“We’re pleased with the court’s decision,” NCUA Board Chairwoman Debbie Matz said today in a statement. “We will continue to pursue our claims against firms that sold faulty mortgage-backed securities to corporate credit unions.”