NCUA Sues JPMorgan over 22B in WaMu Securities

Posted On Aug 15 2019 by

first_img Share in Origination, Secondary Market NCUA Sues JPMorgan over $2.2B in WaMu Securities The “”National Credit Union Administration””:http://www.ncua.gov/Pages/default.aspx (NCUA) filed its 10th action against a major Wall Street investment firm–this time, the defendant is “”JPMorgan Securities””:http://www.jpmorgansecurities.com/pages/am/securities/home.[IMAGE]NCUA’s suit revolves around mortgage-backed securities (MBS) underwritten and sold by Washington Mutual Bank (WaMu), which was acquired by JPMorgan in 2008 following its collapse.According to NCUA’s “”complaint””:http://www.ncua.gov/News/Press/NW20130104MorganComplaint.pdf, WaMu misrepresented the underwriting quality of $2.2 billion in MBS sold to U.S. Central, Western Corporate, and Southwest Corporate federal credit unions. All three corporate credit unions became insolvent and were placed into NCUA conservatorship and liquidated.The complaint alleges that underwriting guidelines described in the offering documents for the MBS sales were “”systematically abandoned”” and led the credit unions to believe the risk involved was minimal. [COLUMN_BREAK]The complaint goes on to allege that WaMu inflated the salaries of loan applicants and accepted unofficial documents as verification of employment, citing a 2008 report from the _New York Times_ that described in detail “”the relentless pressure to churn out loans … while disregarding borrowers’ incomes and assets.””Other defendants named in the complaint include WaMu Capital Corp., Long Beach Securities Corp., and WaMu Asset Acceptance Corp.””The damage caused by the actions of firms like Washington Mutual has been extremely expensive to contain and repair, and that job isn’t finished, yet,”” said NCUA board chairman Debbie Matz. “”All the credit unions we supervise and insure have had to share this burden, so it’s only right that the people who caused the damage be required to pick up that burden, as well.””The lawsuit is not NCUA’s first action against JPMorgan Securities. The agency filed suit against the bank in June 2011 for damages related to its own securities and “”again””:https://themreport.com/articles/ncua-files-largest-suit-yet-against-jpmorgan-bear-stearns-2012-12-18 in December 2012 for losses related to Bear Stearns. A representative for JPMorgan Chase did not immediately return a request for comment.NCUA has similar actions pending against Barclays Capital, “”Credit Suisse””:https://themreport.com/articles/ncua-targets-credit-suisse-over-faulty-mortgage-backed-securities-2012-10-05, Goldman Sachs, and UBS, to name a few. To date, the agency has settled claims worth more than $170 million with Citigroup, Deutsche Bank Securities, and HSBC.center_img Agents & Brokers Attorneys & Title Companies Investors JPMorgan Chase Lenders & Servicers Mortgage-Backed Securities National Credit Union Administration RMBS Service Providers 2013-01-07 Tory Barringer January 7, 2013 508 Views last_img read more


Former Cardinals kicker Phil Dawson retires

Posted On Aug 11 2019 by

first_img Former Cardinals kicker Phil Dawson retires The 5: Takeaways from the Coyotes’ introduction of Alex Meruelo Top Stories – / 18 The Arizona Cardinals’ defensive struggles with tight ends have been well-documented, and it seemed the Cardinals were likely on their way to another long Sunday against future Hall of Famer Tony Gonzalez and the Atlanta Falcons. But the Cardinals held Gonzalez to just 26 yards and three catches on eight targets — something that went a long way toward limiting the Falcons to 55 percent passing and holding them without a touchdown until the late stages of the fourth quarter in Arizona’s 27-13 win Sunday at University of Phoenix Stadium. Derrick Hall satisfied with D-backs’ buying and selling Comments   Share   Opposing tight ends had torched the Cardinals to the tune of six catches and 88 yards per game, and had accounted for eight touchdowns in eight games. The Cardinals used a mix of cornerback Jerraud Powers, linebackers Daryl Washington and Karlos Dansby and safeties Tyrann Mathieu, Yeremiah Bell and Rashad Johnson to slow down the 6-foot-5, 250-pound Gonzalez. In fact, the biggest contribution a Falcons TE made was from Levine Toilolo, who drew a questionable pass interference call in the end zone to wipe out a fourth-and-goal incompletion in the fourth quarter. Mathieu said the Cardinals were aided by the fact that the Falcons were without their top two receivers in Roddy White and Julio jones. “Obviously, we knew Matt Ryan was going to target Tony more than he had in their previous games,” Mathieu said. “We just took it as a challenge. Everybody stepped up.”Cardinals coach Bruce Arians said the defense tried to switch up coverage looks in an attempt to pressure Falcons quarterback Matt Ryan and keep Gonzalez in check. Both worked, as Ryan was sacked four times and threw four interceptions. “It was a team effort … playing with great technique, the line getting pressure,” Dansby said. “We did it together. That’s the only way we can stop or slow down these tight ends.” Grace expects Greinke trade to have emotional impactlast_img read more