NEW YORK – NCUA has opposing a proposed bankruptcy reorganization for Ally Financial, General Motors’ one-time subprime lender known as Residential Capital, saying the plan does not offer enough compensation for the $600 million of claims the agency has for ResCap’s sale of more than $600 million of mortgage-backed securities to U.S. Central FCU and WesCorp FCU.

The same MBS are also subject to civil suits NCUA has filed in California against Goldman Sachs and in Kansas against RBS Securities, giving NCUA two shots at recovering on the faulty mortgage securities that helped sink the two corporate giants.

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