National Credit Union Wins Bid to Pursue MBS Claims

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National Credit Union Wins Bid to Pursue MBS Claims

National Credit Union Wins Bid to Pursue MBS Claims

Bloomberg-

The National Credit Union Administration won an appeals court ruling letting it pursue claims against big banks for allegedly making misleading statements to market mortgage-backed securities.

The U.S. Court of Appeals in Denver today unanimously affirmed a lower-court ruling that the NCUA can rely on an “extender statute” giving it more time to file the lawsuits lenders said were filed too late.

That “serves the statute’s purpose by providing NCUA sufficient time to investigate and file all potential claims once it assumes control of a failed credit union,” the three-judge panel said.

[BLOOMBERG]

PUBLISH

UNITED STATES COURT OF APPEALS
TENTH CIRCUIT

NATIONAL CREDIT UNION
ADMINISTRATION BOARD, as liquidating
agent of U.S. Central Federal Credit Union and of
Western Corporate Federal Credit Union,
Plaintiff – Appellee,

v.

NOMURA HOME EQUITY LOAN, INC.;
WACHOVIA CAPITAL MARKETS, LLC, n/k/a
Wells Fargo Securities, LLC; WACHOVIA
MORTGAGE LOAN AND TRUST, LLC;
NOVASTAR MORTGAGE FUNDING CORP.;
FINANCIAL ASSET SECURITIES CORP.; RBS
ACCEPTANCE, INC., f/k/a Greenwich Capital
Acceptance, Inc.; RBS SECURITIES, INC., f/k/a
Greenwich Capital Markets, Inc.,
Defendants – Appellants,

and

FREMONT MORTGAGE SECURITIES CORP.;
INDYMAC MBS, INC.; LARES ASSET
SECURITIZATION, INC.; RESIDENTIAL
FUNDING MORTGAGE SECURITIES II, INC.,
Defendants.
——————————
SECURITIES INDUSTRY AND FINANCIAL
MARKETS ASSOCIATION,
Nos. 12-3295 and 12-3298

FILED
United States Court of Appeals
Tenth Circuit
August 27, 2013
Elisabeth A. Shumaker
Clerk of Court

Amicus Curiae.

APPEALS FROM THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF KANSAS
(D.C. Nos. 2:11-CV-02340-JWL-JPO and 2:11-CV-02649-JWL-JPO)

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