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The National Credit Union Administration (NCUA) has announced that Nomura Asset Acceptance Corporation and Nomura Home Equity Loan Inc. have agreed to jointly pay more than $3 million to settle claims stemming from the sale of allegedly faulty residential mortgage-backed securities (RMBS) to the now-defunct Western Corporate Federal Credit Union and U.S. Central Federal Credit Union.
NCUA filed suit in federal district courts in California and Kansas against the Nomura entities following the 2011 closure of the credit unions. Neither firm is required to admit fault as part of the settlement agreement.
“Every recovery NCUA makes through our legal efforts reduces the possibility of further costs of the corporate resolution being shouldered by credit unions,” NCUA Board Chairman Rick Metsger said. “Our legal team continues to work to fulfill the agency’s statutory responsibilities to protect the credit union system and to pursue recoveries against financial firms we maintain contributed to the corporate crisis.”