Two items hit the tape today on the RMBS litigation front:

1.  There was a win for plaintiffs in attacking the standing argument that has been so effective for defendants.  See the AmLaw piece here and the Second Circuit unanimous decision here.

2.  The National Credit Union Administration filed against UBS for over $1B in damages arising from two failed credit unions.  See the AmLaw piece here and the 148 page complaint here.  There’s actually a color flowchart of the securitization process and tables and graphs showing the actual v. predicted defaults.