On July 18, 2011, the National Credit Union Administration ("NCUA") filed a lawsuit against RBS Securities Inc. ("RBS") in United States District Court for the Central District of California.  NCUA alleges that RBS misled Western Corporate Federal Credit Union ("WesCorp") about the safety of mortgage-backed securities.  The lawsuit alleges violations of Sections 11 and 12(a)(2) of the '33 Act as well as the California Corporate Securities Law.  NCUA alleges RBS made untrue statements of material fact regarding borrowers' likelihood to repay the mortgage loans, reduced documentation programs, loan-to-value ratios, and credit enhancement.  NCUA previously filed similar lawsuits against JP Morgan and Royal Bank of Scotland.  NCUA Complaint vs. RBS.