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Tag Archives: Residential Mortgage-backed securities

Pending Settlements Over Faulty RMBS Sales Bring Total Recovered by NCUA to $2.2 Billion

NCUA sued Wachovia, which was acquired by Wells Fargo in 2008, in 2011. The Association filed suit against Barclays, the U.S. subsidiary of the British financial services firm, in 2012. Once the settlements are completed, NCUA will dismiss pending suits against both firms in federal district courts in California, New York and Kansas. As part of the settlement, neither Wachovia nor Barclays do not admit any fault.

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Moody’s Upgrades $1 Billion Worth of Fannie Mae and Freddie Mac RMBS

The note holders for these transactions are not entitled to receive cash from the mortgage loans in the reference pools, unlike typical RMBS transactions. Rather, the performance of the mortgage loans in the reference pool determines the timing and amount of principal and interest the GSEs are obligated to pay on the notes.

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