NEW YORK—A judge has ruled that NCUA lacked standing to sue US Bancorp and Bank of America over 74 RMBS trusts that helped contribute to losses and the eventual demise of five different corporate CUs.
Judge Katherine Forrest ruled the agency lacked standing because the certificates purchased by the corporates had been re-securitized.
US Bancorp and BofA also won dismissal of claims in several other cases related to the sale of residential-backed mortgage securities, as well.