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.
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)