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Tag Archives: Mortgage-Backed Securities

Credit Union Regulator Eyes UBS for Faulty RMBS

The National Credit Union Administration (NCUA) is suing the global investment firm UBS Securities for allegedly falsely representing the level of risk associated with mortgage-backed securities the firm sold to two federal credit unions. According to NCUA officials, the defaults and losses that resulted directly contributed to the collapse of both credit unions. The suit, filed in a federal district court in Kansas, alleges 10 counts of securities laws violations by UBS at both the federal and state level.

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FDIC Goes After 12 Banks for Misrepresenting RMBS

The FDIC launched a suit against 12 banks Friday regarding misrepresentations of residential mortgage-backed securities sold to now-defunct, Alabama-based Colonial Bank. Among those accused are some of the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós largest banks, including JPMorgan Chase, Citi, Bank of America, and Wells Fargo. The 12 banks sold more than $3.88 million in securities to colonial bank, and the FDIC alleges the banks misrepresented several aspects of the loans making up the securities in the lead-up to the financial crisis.

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Walnut Place Drops Suit in Countrywide Settlement

A major player in the ongoing Countrywide settlement dropped its suit against the defunct mortgage unit on Monday. According to news services, Walnut Place, otherwise known as Baupost Group, withdrew objections to a proposed $8.5 billion settlement currently under way with Bank of America, which bought Countrywide in 2008. Several reports held that a tentative deal had been reached by institutional investors last year to settle allegations of systematic misrepresentation.

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CoreLogic Rolls Out New Data Initiative for RMBS Analysis

CoreLogic has launched a new provision for clients using the company's private-label residential mortgage-backed securities dataset. California-based CoreLogic recently announced the incorporation of anonymized servicer stop advance data, which will be available free of charge for the company's existing and new RMBS-data customers. The trustee-submitted data from CoreLogic will be at the loan-level, as opposed to aggregated. CoreLogic's stop advance data will include history dating back to January 2009.

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