Nomura Asset Acceptance Corporation and Nomura Home Equity Loan, Inc. have agreed to pay more than $3 million to settle claims with the NCUA in connection with the sale of faulty residential mortgage-backed securities to two corporate credit unions, according to the agency.
“Every recovery NCUA makes through our legal efforts reduces the possibility of further costs of the corporate resolution being shouldered by credit unions,” NCUA Board Chairman Rick Metsger said.
The settlement covers claims the NCUA board made in 2011 as the liquidation agent for the Western Corporate Federal Credit Union and U.S. Central Federal Credit Union.
NCUA filed suit against the Nomura companies and will now dismiss those suits. Neither firm admitted fault as part of the settlement agreement.
NCUA still has litigation pending against other financial institutions, including Credit Suisse and UBS Securities and against various residential mortgage-backed securities trustees and LIBOR banks related to corporate credit union losses.
In September, the NCUA board announced it would receive 1.1 billion to settle claims against the Royal Bank of Scotland, with the money going to pay claims against five corporate credit unions.
