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June 21, 2011

Federal Regulators File Suit Against Banking Giants over High-Risk Mortgages 
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The National Credit Union Administration has filed suit against JPMorgan
Chase and the Royal Bank of Scotland in an effort to recover some $840
million lost on high-risk mortgages purchased by credit unions during
the height of the nation’s financial meltdown. The securities
divisions of the banking giants are accused of misrepresenting how risky
the sales were.



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