NATIONAL CREDIT UNION ADMINISTRATION BOARD v J.P. MORGAN SECURITIES LLC., & ROYAL BANK OF SCOTLAND

The Market Ticker – The NCUA Has Had Enough

They’re suing (it’s about time, incidentally)

Federal regulators accused J.P. Morgan Chase & Co. and Royal Bank of Scotland Group PLC of duping five large credit unions into buying more than $3 billion in mortgage bonds that were “destined to perform poorly,” and that quickly sank the credit unions.

The old story, of course.  The banks, it is alleged, knew these deals were worthless (or close to it) and yet sold them on as “pristine” and “quality” mortgage paper.  When they blew up the banks said “so sorry, so sad, bye bye” and since fees were all they cared about in the first place…

Well, the NCUA says no; here are the complaints.  They’re quite good; the salient allegation is:

54. At the time of purchase, the Credit Unions were not aware of the untrue statements or omissions of material facts in the Offering Documents of the RMBS. If the Credit Unions had known about the Originators’ pervasive disregard of underwriting standards— contrary to the representations in the Offering Documents—the Credit Unions would not have purchased the certificates.

Yep.

This marks a new phase in the mortgage mess; remember, the NCUA is effectively a government agency, providing insurance services for depositors.  The banksters, of course, believed they had bought and paid for all appropriate pieces of the government in order to prevent this sort of thing from happening.

It appears they forgot a few “campaign contributions.”

Complaints against JP Morgan and RBS found here and here; they’re worth a read even though they’ll take you a while to go through them.  The tables on losses in the second complaint, in particular, starting around page 40 are simply amazing.

View with responses

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4closureFraud.org

Comments
4 Responses to “NATIONAL CREDIT UNION ADMINISTRATION BOARD v J.P. MORGAN SECURITIES LLC., & ROYAL BANK OF SCOTLAND”
  1. Peggy Johnson says:

    Well, Well what do you know – This only goes to further prove that me, myself and I was eons ahead of the game when I filed my complaints against this same misconduct of the bank (JP Morgan Chase) in the Mecklenburg County Courts back in 2005-2009. But I’m just a little ole homeowner who was denied and continue to be denied justice in the Great State of North Carolina. Where is the justice for me – The innocent homeowner – Who told the truth that fell on deaf ears in the “Honorable NC CourtS”? Why won’t the Federal Government investigate my fraud case against the bank? — To be defrauded for years out of $130,000 is equivalent to the millions that these regulators are finally starting to go after. But I’m just the little guy – “WE CAN’T HELP YOU”. — BULL! What happened to the Federal investigation of the banks FOR VIOLATION OF THE FEDERAL FALSE CLAIMS ACT, which I also ALLEGED in my complaints with the State. YES, I TOLD YOU SO YEARS AGO, BUT YOU TURNED YOUR BACKS ON ME IN THE NAME OF JUSTICE! Who are we kidding here – I will call a spade a spade: THE PROBLEM IS THAT YOU HAVE A BUNCH OF SNAKES IN ONE BASKET THAT CANNOT AND WILL NOT TURN STAKES ON ONE ANOTHER BECA– USE EACH ENTITY HAS TOO MUCH MONEY TO LOSE – WAKE UP PEOPLE – IT IS NEVER ABOUT US – IT’S ABOUT THEM AND THE AMOUNTS OF MONEY THAT IS BEING CIRCULATED BY THE BANKSTERS TO FORESTALL PROSECUTION FOR BREAKING THEIR ONW LAWS (DAH? – AND MAKING US PAY FOR IT) AND IN MOST CASES SHUTTING DOWN THE ONES WHO ARE SUPPOSED TO BE IN OFFICE UPHOLDING JUSTICE.– PURE CORRUPTION FROM TOP TO BOTTOM — IT HAS NEVER BEEN ABOUT HELPING THE HOMEOWNER, RATHER THE GAME IS ABOUT WHO CAN GET THE MOST MONEY FOR THROWING US UNDER THE BUS –WORD! THIS IS WHY “WE THE PEOPLE” – THE COMPLAINERS, SHOULD FILE A CLASS ACTION LAWSUIT ON OUR OWN BEHALF ASKING FOR DAMAGES UNDER THE FEDERL BANK FRAUD STATUTE AGAINST ALL GOVERNMENT OFFICIALS FOR “FAILURE TO PROVIDE THE INTANGIBLE RIGHT TO HONEST SERVICES” ON BEHALF OF “WE THE PEOPLE”. EMAIL ME WITH YOUR NAMES AND ADDRESSES AND ME, MYSELF, AND I WILL FILE THE PETITION OURSELVES SINCE OUR GOVERNMENT IS PLAYING DUMB AND WILL NOT DO SO FOR US. LET’S DO IT OURSELVES — SOMETIMES, IT TAKES A VILLAGE – THANK YOU! THIS IS WHY YOU NEED TO JOIN ME IN A NINE-DAY PRAYER @3:00 PM AGAINST THE “PRINCE OF THE AIR” WHO IS USING THE BANKSTERS TO DESTROY THIS NATION. REMEMBER, THERE IS ONLY ONE TRUE JUDGE — PEACE BE WITH YOU.

  2. Randy Frodsham says:

    FINALLY! This is awesome.

  3. Readdocs says:

    Yep, until the next time.

  4. Tim Bryant says:

    They just told the SEC they would be good….

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