The National Credit Union Administration has reached a $165 million settlement with Bank of America over losses from purchase of residential mortgage-backed securities, reports BankCreditNews.
NCUA has now recovered $335 million to date following similar settlements with Citigroup, Deutsche Bank Securities and HSBC.
“NCUA has now successfully recovered more than a third of a billion dollars on behalf of credit unions,” said NCUA Chairman Debbie Matz. “These settlements and our ongoing lawsuits further NCUA’s goal of minimizing the losses of the corporate crisis and cutting future costs to credit unions.”
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