Tuesday, April 2, 2013

NCUA Announces Settlement with Bank of America

The National Credit Union Administration (NCUA) announced a settlement with Bank of America and certain of its subsidiaries for $165 million for losses related to purchases of residential mortgage-backed securities by failed corporate credit unions. As part of the settlement, Bank of America did not admit fault.

The settlement with Bank of America follows three similar agreements with Citigroup, Deutsche Bank Securities and HSBC totaling $170.75 million. In total, NCUA has obtained more than $335 million in legal settlements.

Twenty-five percent of the settlement is being paid to the two law firms representing the agency in these legal proceedings.

Read the press release.
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2 comments:

  1. AnonymousApril 2, 2013 at 9:51 PM

    that represents a minute fraction of the losses that have and will occur on the countrywide bonds bought by wescorp, let alone bought by the others.

    ReplyDelete
  2. AnonymousApril 3, 2013 at 9:38 PM

    It is a disgrace that the regulator would even agree to that of course the bank settled.

    ReplyDelete

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