WASHINGTON, DC (September 24, 2013) -- National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger today commended the National Credit Union Administration (NCUA) for its action to pursue recoveries against nine financial institutions that sold mortgage-backed securities that later went sour and helped bring down Southwest and Members United corporate credit unions.
“NAFCU appreciates NCUA’s vigor in pursuing legal remedies to make credit unions whole for the losses they incurred as a result of the collapse of corporate credit unions. Credit unions are paying hefty assessments to cover the costs of the corporates' losses on mortgage-backed securities, and we support NCUA’s efforts to seek recoveries from the responsible entities. ”
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