National Credit Union Administration (NCUA) filed suits this morning against JPMorgan Chase and RBS Securities claiming fraud in the sale of billions of dollars in private-label MBS the two investment firms sold to the five failed corporate credit unions.

In separate suits NCUA claims violations of federal and state securities laws and misrepresentations in the sale of hundreds of securities. Additional law suits may follow in order to recover losses from the purchase of securities that caused the failures of five corporates.

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