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Rep. Mulvaney Troubled by $1 Billion in Legal Fees Paid by NCUA "Credit News 24"

Representative Mick Mulvaney (R - SC) wrote National Credit Union Administration (NCUA) Chairman Metsger on November 21 that he was troubled by the $1 billion in legal fees paid by the agency on $4.3 billion in recoveries associated with lawsuits over the sale of faulty mortgage-backed securities to five failed corporate credit unions.

Rep. Mulvaney wrote that "[m]ore prudent action in this matter may have saved the credit union industry millions of dollars."

Rep. Mulvaney has requested answers from the agency to three questions within 30 days:

• Why did the agency pursue these cases under contingency fee arrangements?
• What was the original analysis of why this was the better approach?
• Has there been a post-settlement analysis to see if this was actually the best approach financially given the outcomes?

I will be very interested in the agency's response.

Read the letter below (click on image to enlarge).




Title : Rep. Mulvaney Troubled by $1 Billion in Legal Fees Paid by NCUA "Credit News 24"
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