NCUA Corporate Stabilization Program

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NCUA reveals it paid $1 billion to lawyers in fight to recover credit union crisis losses

Oct 21, 2016By

In 2013, the National Credit Union Administration filed suit against some of the world’s biggest banks over the sale of nearly $2.4 billion in faulty residential mortgage-backed securities to several corporate credit unions, which subsequently failed during the financial crisis, due in part to losses from those very same mortgage bonds. The total amount recovered for the failed credit unions in those settlements is more than $4 billion, but for the first time, the NCUA revealed just how much it cost to reach those settlements.

3d rendering of a row of luxury townhouses along a street

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