The National Credit Union Administration (NCUA) filed its 10th action against a major Wall Street investment firm.
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NCUA Files Largest Suit Yet Against JPMorgan, Bear Stearns
The National Credit Union Administration (NCUA) announced Monday it has filed suit against JPMorgan Securities and Bear Stearns over allegations of falsely representing the quality of mortgage-backed securities (MBS) sold to corporate credit unions. NCUA's complaint alleges that although Bear Stearns' offering documents described the firm's adherence to underwriting guidelines, the originators had in fact "systematically abandoned the stated underwriting guidelines in the Offering Documents."
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