The Resolution Law Group: NCUA Sues Morgan Stanley, JPMorgan, UBS, & Other Banks Over $2.7B in Allegedly Fraudulent RMBS Sales to Credit Unions

The National Credit Union Administration has filed residential mortgage-backed securities lawsuits against JPMorgan (JPM), Morgan Stanley (MS), UBS (UBS), Royal Bank of Scotland Group (RBS), Barclays (BARC), and Credit Suisse (CS) accusing the financial firms of selling $2.7 billion of these fraudulent securities to the credit unions. The Members United Corporate Federal Credit Union and Southwest Corporate Federal Credit Union paid over $416 million for the RMBS in the case against Morgan Stanley and $1.9 billion from the other defendants. One of the credit unions contends that Wachovia (WB), Goldman Sachs (GS), Ally Securities and Wells Fargo (WFC) also defrauded it.

According to the NCUA’s RMBS fraud lawsuits, the investment banks issued misrepresentations related to the underwriting and sale of the securities. Offering documents allegedly contained false statements or omitted facts that were material. The government regulator is accusing the originators of systematically ignoring underlying guidelines in offering documents, which made the mortgage-backed securities’ risks higher than what was presented.

The MBS fraud lawsuits make claims under state and federal securities laws. Whatever is recovered will go toward the Temporary Corporate Credit Union Stabilization Fund.

Already, NCUA has settled RMBS fraud lawsuits against Bank of America (BAC), Citibank (C), Deutsche Bank (DB), and HSBC for more than $335 million.

Contact The resolution Law Group. Our institutional investor fraud law firm to find out whether you have grounds for securities case. Your RMBS fraud case consultation is free.

The Resolution Law Group Wins Case! An 80 year old Oregon woman won her three year fight against Wells Fargo to stop a wrongful foreclosure.

May 07, 2013

— An 80 year old Oregon woman won her three year fight against Wells Fargo to stop a wrongful foreclosure. Wells Fargo had been attempting to obtain a judicial foreclosure, despite the evidence that all payments had been made. “What this woman had to endure to save her home is shameful,” says Geoffrey Broderick, the senior partner of The Resolution Law Group.

The woman and her late husband moved into their home in 1967, 46 years ago. After Wells Fargo acquired Wachovia, some of the payments made during the transition did not show up on the computer records. The homeowner received a notice of default, and she went to her local Wells Fargo branch to try to show her cancelled checks. The local banker would not speak with her because the computer said that she was in default. It took three years and lots of attorneys fees to have the foreclosure case dismissed.

Mr. Broderick adds, “Wells Fargo could have resolved this dispute by looking at the paperwork and acknowledging its error. Most people are unaware of how difficult it is to convince a bank that it has committed an error. A borrower, armed with cancelled checks, is no match for a computer that disavows that payments were timely made. The housing market will continue to suffer until it is fixed by the Courts or the Legislature. Somebody has to fix the problem. That is why The Resolution Law Group continues its fight for homeowners. Homeowners cannot expect the problem to fix itself.”

The Resolution Law Group continues to prosecute ground breaking litigation in Federal Court on behalf of homeowners suing lenders and servicers for, among other things, the illegal use of MERS, robo-signing, and intentionally ignoring underwriting standards and encouraging inflated appraisals.

The Resolution Law Group is currently enrolling clients into the pending lawsuit. For further information, visit its website at www.TheResolutionLawGroup.com

Lender Litigation, Unlawful Foreclosure, Tarp Money, Mortgage Backed Securities, Derivitives Lawsuits, Insider Trading Lawsuit, SEC Settlements, Ponzi Scheme Lawsuits, Intentional Misrepresentation, Securitized Mortgage, Class Action Securities Lawsuit, Robo-Signing Lawsuit, Lost Equity Litigation, Mortgage Lender Fraud, FINRA Fraud Lawsuit, Suing Banks, Fraudulent Misrepresentation, Short Sale Fraud, Fraudulent Business Practices, Mortgage Litigation, Complex Tort Litigation, Injunctive Relief, MERS Fraud

The Resolution Law Group: Press Release

An 80 year old Oregon woman won her three year fight against Wells Fargo to stop a wrongful foreclosure.  Wells Fargo had been attempting to obtain a judicial foreclosure, despite the evidence that all payments had been made.

The woman and her late husband moved into their home in 1967, 46 years ago.  After Wells Fargo acquired Wachovia, some of the payments made during the transition did not show up on the computer records.  The homeowner received a notice of default and she went to her local Wells Fargo branch to try to show her cancelled checks.  The local banker would not speak with her because the computer said that she was in default.  It took three years and lots of attorneys fees to have the foreclosure case dismissed.

Geoffrey Broderick, the senior partner of the Resolution Law Group, says “Wells Fargo could have resolved this dispute by looking at the paperwork and acknowledging its error.  What this eighty year old woman had to endure to save her home is shameful.”  Most people are unaware of how difficult it is to convince a bank that it has committed an error.  A borrower, armed with cancelled checks, is no match for a computer that disavows that payments were timely made.  Mr. Broderick adds that “The housing market will continue to suffer until it is fixed by the Courts or the Legislature.   Somebody has to fix the problem. That is why The Resolution Law Group continues its fight for homeowners.  Homeowners cannot expect the problem to fix itself.”

The Resolution Law Group continues to prosecute ground breaking litigation in Federal Court on behalf of homeowners suing lenders and servicers for, among other things, the illegal use of MERS, robo-signing, and intentionally ignoring underwriting standards and encouraging inflated appraisals.

The Resolution Law Group is currently enrolling clients into the pending lawsuit.  For further information, visit its website at www.TheResolutionLawGroup.com

Lender Litigation, Unlawful Foreclosure, Tarp Money, Mortgage Backed Securities, Derivitives Lawsuits, Insider Trading Lawsuit, SEC Settlements, Ponzi Scheme Lawsuits, Intentional Misrepresentation, Securitized Mortgage, Class Action Securities Lawsuit, Robo-Signing Lawsuit, Lost Equity Litigation, Mortgage Lender Fraud, FINRA Fraud Lawsuit, Suing Banks, Fraudulent Misrepresentation, Short Sale Fraud, Fraudulent Business Practices, Mortgage Litigation, Complex Tort Litigation, Injunctive Relief, MERS Fraud