National Credit Union Administration Board v. RBS Securities, Inc.

OPINION

D.W. NELSON, Senior Circuit Judge:

This case concerns the National Credit Union Administration Board’s (NCUA) liquidation of Western Corporate Federal Credit Union (Wescorp). The NCUA sued Wachovia Mortgage Loan Trust, LLC (Wachovia) and Nomura Home Equity Loan, Inc. (Nomura) for making false and misleading statements in their offerings of residential mortgage-backed securities (RMBS) purchased by Wescorp. The NCUA brought these claims under the Securities Act of 1933 (1933 Act). The district court dismissed the NCUA’s claims, ruling that 12 U.S.C. § 1787(b)(14) (the Extender Statute)…