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Volume 2014 - Number 43

November 14, 2014

NCUA Sues Trustee While BofA, US Bancorp Agree to Settle Trustee Suit; Morgan Stanley, WIC Face Probes

The National Credit Union Administration this week sued Deutsche Bank National Trust Co., alleging the bank violated federal and state laws by failing to carry out its duties as trustee for 121 non-agency MBS trusts. According to the complaint filed in federal district court in Manhattan, Deutsche Bank failed to protect five corporate credit unions – U.S. Central, WesCorp, Members United, Southwest and Constitution – that purchased $140 billion in RMBS issued from the trusts between 2004 and 2007. The securities lost...

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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.

 

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