Nomura Holdings Inc. and Royal Bank of Scotland Group Plc engaged in "enormous" deception in selling defective mortgage-backed securities, a judge ruled following a trial over a trigger to the 2008 financial crisis. U.S. District Judge Denise Cote found them liable for misleading Fannie Mae and.
The court left in place a September ruling. RBS could not immediately be reached for comment. The award stemmed from a lawsuit brought against Nomura and RBS by the Federal Housing Finance Agency.
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Nomura, RBS appeal U.S. judge’s $839 million mortgage bond award. Lawyers for both banks urged the 2nd U.S. Circuit Court of Appeals in New York to reverse a 2015 ruling that followed a non-jury.
RBS faces large damages bill over ‘enormous’ mortgage deception judge rules rbs and Nomura made false statements when they sold mortgage-backed securities to Fannie Mae and Freddie Mac
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Nomura and Royal Bank of Scotland were censured by a U.S. judge on Monday for allegedly misleading Fannie Mae and Freddie Mac while selling defective mortgage-backed securities.. The court ruling against Nomura and RBS may encourage other banks to settle mortgage-related suits brought by regulators and private investors rather than face the bad publicity and cost of an adverse judgment.
Subprime, Alt-A Delinquencies Piling Up With consumer finances already stretched and auto loan delinquencies piling up, a slowdown in the economy will likely result in even more defaults – as the affordability of monthly payments.
Submit comments and provide input on FHFA Rules Open for Comment by clicking on Rulemaking and Federal Register.. Home / Media / FHFA Sues 17 Firms to Recover Losses to Fannie Mae and freddie mac.. nomura holding America Inc.
Bank of America down in mid-day trading Meanwhile, top gainers in the sector included Plumas Bancorp PLBC 4.74% up 7 percent, and Bank of America Corp BAC 7.53% up 6 percent. January 18. Equities Trading DOWN Aptinyx Inc. APTX 73.08%.
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· taxpayer-backed royal bank of Scotland (RBS) could face further fines in the United States following a court ruling on Monday regarding the sale of mortgage bonds to investors. A US judge.