{"id":5916,"date":"2016-02-26T00:00:00","date_gmt":"2016-02-26T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2016\/02\/securities_news_ubs_to_pay_33m"},"modified":"2022-05-18T14:33:00","modified_gmt":"2022-05-18T19:33:00","slug":"securities-news-ubs-to-pay-33m","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/securities-news-ubs-to-pay-33m\/","title":{"rendered":"Securities News: UBS To Pay $33M to NCUA For Mortgage-Backed Securities, CFTC, FCA May File More Civil Charges Against Banks for Libor Rigging, Moody\u2019s Waits for end of DOJ\u2019s Subprime Mortgage Probe"},"content":{"rendered":"

UBS to Pay $33M to NCUA Related to MBS Sold to Credit Unions<\/strong>
\nUBS AG (UBS)<\/a> will pay $33 million to resolve a lawsuit filed by the National Credit Union Administration accusing the bank of selling toxic mortgage-backed securities to credit unions. The case revolves around MBS that were underwritten and sold by UBS. The securities were purchased by Members United Corporate Federal Credit Union and Southwest Corporate Federal Credit Union for almost $432.4M from \u201906 to \u201907.<\/p>\n

NCUA alleged that offering documents for the securities sold included untrue statements claiming that the loans were originated in a manner that abided by underwriting guidelines when, in fact, the loans\u2019 originators had \u201csystematically abandoned\u201d said guidelines. The false statements made the securities riskier than what was represented to the credit unions. Eventually, the MBS failed, resulting in substantial losses.<\/p>\n

To date, NUCA has recovered almost $2.46B from banks over MBS sales that occurred prior to the 2008 financial crisis.<\/p>\n

\nUS, UK Regulators May Pursue More Banks Over Libor<\/strong>
\nAccording to the The Wall Street Journal<\/em>, the US Commodity Futures Trading Commission and the UK Financial Conduct Authority are working on pressing the last civil charges against a number of banks for alleged rigging of the London interbank offered rate. LIBOR is the benchmark that underpins interest rates on trillions of dollars of financial contracts around the globe.<\/p>\n

\nSources tell WSJ<\/em> that the firms under scrutiny include Citigroup (C)<\/a>, J.P. Morgan Chase & Co (JPM)<\/a>., and HSBC Holdings (HSBC)\u2014although the FCA has already dismissed its probe into J.P. Morgan. <\/p>\n

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

UBS to Pay $33M to NCUA Related to MBS Sold to Credit Unions UBS AG (UBS) will pay $33 million to resolve a lawsuit filed by the National Credit Union Administration accusing the bank of selling toxic mortgage-backed securities to credit unions. The case revolves around MBS that were underwritten and sold by UBS. The […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3845,3752,4027,3882,3757,3755],"tags":[3492],"class_list":["post-5916","post","type-post","status-publish","format-standard","hentry","category-credit-rating-agencies","category-financial-firms","category-libor-scandal","category-moodys","category-mortgagebacked-securities","category-ubs","tag-cftc"],"yoast_head":"\nSecurities News: UBS To Pay $33M to NCUA For Mortgage-Backed Securities, CFTC, FCA May File More Civil Charges Against Banks for Libor Rigging, Moody\u2019s Waits for end of DOJ\u2019s Subprime Mortgage Probe — Investor Lawyers Blog — February 26, 2016<\/title>\n<meta name=\"description\" content=\"UBS to Pay $33M to NCUA Related to MBS Sold to Credit Unions UBS AG (UBS) will pay $33 million to resolve a lawsuit filed by the National Credit Union — February 26, 2016\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/securities-news-ubs-to-pay-33m\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Securities News: UBS To Pay $33M to NCUA For Mortgage-Backed Securities, CFTC, FCA May File More Civil Charges Against Banks for Libor Rigging, Moody\u2019s Waits for end of DOJ\u2019s Subprime Mortgage Probe — Investor Lawyers Blog — February 26, 2016\" \/>\n<meta name=\"twitter:description\" content=\"UBS to Pay $33M to NCUA Related to MBS Sold to Credit Unions UBS AG (UBS) will pay $33 million to resolve a lawsuit filed by the National Credit Union — February 26, 2016\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" 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