The National Credit Union Administration filed suits against JPMorgan Chase and Co. and RBS Securities, claiming fraud in the sale of billions of dollars in private-label mortgage-backed securities the two investment firms sold to 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. NCUA is in the process of securitizing $50 billion of toxic MBS sold by Wall Street to the five corporate failures, U.S. Central Federal Credit Union, WesCorp Federal Credit Union, Members United Corporate Federal Credit Union, Southwest Corporate Federal Credit Union and Constitution Corporate Federal Credit Union. The failures are projected to cost NCUA, which is passing the costs on to all credit unions, as much as $20 billion to resolve. NCUA's suits claim the sellers, issuers and underwriters of the questionable securities made numerous material misrepresentations in the offering documents. These misrepresentations caused the corporate credit unions that bought the notes to believe the risk of loss associated with the investment was minimal, when in fact it was substantial. The corporate credit unions invested in mortgage-backed securities that experienced dramatic, unprecedented declines in value, effectively rendering the institutions insolvent. These suits are the culmination of lengthy investigations into the circumstances surrounding the purchases of these securities.