{"id":5861,"date":"2015-10-19T00:00:00","date_gmt":"2015-10-19T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/10\/barclays_resolves_rmbs_lawsuit"},"modified":"2022-05-09T14:44:57","modified_gmt":"2022-05-09T19:44:57","slug":"barclays-resolves-rmbs-lawsuit","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/barclays-resolves-rmbs-lawsuit\/","title":{"rendered":"Barclays Resolves RMBS Lawsuits for $325M"},"content":{"rendered":"

Barclays (BARC) will pay $325M to resolve two civil cases related to residential mortgage-backed securities<\/a> sales that took place during the housing boom. The plaintiff of both securities lawsuits is the National Credit Union Administration, which regulates federal credit unions.<\/p>\n

A number of credit unions under NCUA\u2019s purview failed after they invested in mortgage-backed securities. The union believes that the banks that underwrote the securities misled buyers.<\/p>\n

RMBS are investments that pool the returns and risks of personal mortgages. The quality of these securities came into question several years ago when homeowners began to default on the mortgages backing them. NCUA believes that it is its statutory duty to obtain recoveries for credit unions while making sure that customers are protected.<\/p>\n

By settling, Barclays is not admitting fault. According to The New York Times<\/em>, the bank sponsored and underwrote approximately $35M in mortgage securitizations in the US and sold $19.4B in loans that were originated and sold to third parties by affiliates of an entity that it had acquired. Upon completion of this settlement, NCUA will dismiss pending litigation against Barclays in district court in Kansas and New York.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Barclays (BARC) will pay $325M to resolve two civil cases related to residential mortgage-backed securities sales that took place during the housing boom. The plaintiff of both securities lawsuits is the National Credit Union Administration, which regulates federal credit unions. A number of credit unions under NCUA\u2019s purview failed after they invested in mortgage-backed securities. 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