NAFCU commends NCUA on continued recovery efforts on mortgage-backed securities

WASHINGTON, DC (December 23, 2014) — National Association of Federal Credit Unions (NAFCU) Senior Vice President and General Counsel Carrie Hunt today commended the National Credit Union Administration (NCUA) for its action to pursue recoveries against Wells Fargo Bank National Association, alleging the bank violated state and federal laws by failing to fulfill its duties as trustee for 27 residential mortgage-backed securities trusts that contributed to the failure of five corporate credit unions.

“NAFCU appreciates NCUA’s vigor in leaving no stone unturned in pursuing legal remedies to make credit unions whole for the losses they incurred as a result of the collapse of corporate credit unions. We support NCUA’s efforts to seek recoveries from the responsible entities and hope eventually to have these funds returned to the credit unions that paid hefty assessments to cover the costs of the corporate losses on the mortgage-backed securities.”

The National Association of Federal Credit Unions is the only national trade association that exclusively represents the interests of federally chartered credit unions before the federal government and the public.

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