The National Credit Union Administration said in a complaint filed yesterday in federal
court in Kansas, that the offering documents for
residential mortgage-backed securities underwritten or sold by
Washington Mutual to the credit unions contained false and
misleading information about the underlying home loans.
“The damage caused by the actions of firms like Washington
Mutual has been extremely expensive to contain and repair, and
that job isn’t finished, yet,” NCUA Board Chairman Debbie Matz
said in a statement.
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