The National Credit Union Administration (NCUA) is reporting that Barclay's Capital and Wachovia have agreed to resolve claims arising from losses related to purchases of faulty residential mortgage-backed securities (RMBS) by corporate credit unions.
Barclays Capital and Wachovia will pay $325 million and pay $53 million respectively to resolve these claims.
Neither institution admitted fault as part of their settlement agreements.
NCUA stated total recoveries will have reached $2.2 billion with the completion of these agreements.
Read Barclay's Capital press release.
Read Wachovia press release.
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