Bank of America Corp. and the National Credit Union Administration reached a $165 million accord to cover losses on purchases of residential mortgage- backed securities by credit unions that failed, the agency said.
Barclays Plc, the U.K.’s second- largest lender by assets, paid investment bankers bonuses “incapable of justification” as employees focused on revenue at the expense of clients, according to an internal report.
The mortgage-bond market that David Tesher had described as “a wildly spinning top” was about to tumble when he convened a meeting at Standard & Poor’s Water Street headquarters in New York in March 2007.
JPMorgan Chase & Co. was sued for alleged securities fraud in its role as successor of Washington Mutual Bank by the National Credit Union Administration board, the liquidator of three failed federal credit unions.
The National Credit Union Administration board sued a J.P. Morgan Chase & Co. unit claiming Bear Stearns & Co., which it acquired in 2008, used misleading documents in selling $3.6 billion in mortgage-backed securities to four credit unions that later failed.
JPMorgan Chase & Co.’s Bear Stearns unit asked a federal judge to throw out a regulator’s lawsuit that claims it used misleading documents to sell $3.6 billion in mortgage-backed securities to credit unions that later failed.
Goldman Sachs Group Inc. was accused by the National Credit Union Administration in a lawsuit of violating federal and state laws in the sale of mortgage-backed securities to now-failed corporate credit unions.