On August 9, 2011, the National Credit Union Administration Board ("NCUA") sued Goldman Sachs in federal court in Los Angeles over Goldman's sale of mortgage-backed securities to credit unions.  NCUA claims that Goldman misrepresented the quality of the loans backing the securities in its offering documents.  It also claims that the loans did not satisfy the underwriting guidelines Goldman included in its offering documents.  The Complaint cites the Financial Crisis Inquiry Commission Report issued in January 2011 in support of its claims that mortgage loan originators disregarded prudent underwriting practices and securitizers like Goldman did not perform sufficient due diligence, leaving investors without access to critical information about the loans.  NCUA alleges claims under Sections 11 and 12(a)(2) of the '33 Act, Sections 25401 and 25501 of the California Corporate Securities Law of 1968, and Section 17-12a509 of the Kansas Uniform Securities Act.  NCUA seeks more than $491 million in damages.  NCUA has brought four actions against other RMBS issuers since June 20, 2011.  Complaint.