Credit Union Watchdog Says UBS Falsely Sold $1.1B In RMBS

Law360, New York (September 7, 2012, 12:44 PM EDT) -- The National Credit Union Administration Board on Thursday hit a UBS AG unit with claims that the banking giant misrepresented the risk of more than $1.1 billion in residential mortgage-backed securities it sold to two now-defunct credit unions.

According to the complaint, filed in Kansas federal court, underwriter and seller UBS Securities LLC and issuer Mortgage Asset Securitization Transactions Inc. falsely represented to U.S. Central Federal Credit Union and Western Corporate Federal Credit Union the loan-to-value ratios and underwriting guidelines of the mortgages underlying the RMBS....
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