CUNA Mutual Group this week asked the U.S. Court for the Western District of Wisconsin to issue an order that would require RBS Securities Inc. to buy back $72 million in failed residential mortgage-backed securities.
The securities were sold to CUMIS Insurance Society and MEMBERS Life Insurance Co., both subsidiaries of CUNA Mutual in Madison, Wis.
Between 2004 and 2007, CUNA Mutual said RBS "induced" it to buy 15 certificates in 10 separate RMBS offerings by making representations about the credit quality of the pools of mortgage loans collateralizing those RMBS, according to the CUNA Mutual's complaint.
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