Nomura and the Royal Bank of Scotland are to pay a further $33m, on top of 200bn they have already been ordered to pay by the Federal Housing Finance Agency (FHFA), over allegations that they made false statements in selling mortgage-backed securities regarding mortgage companies Fannie Mae and Freddie Mac. This case is the first to reach trial of the 18 lawsuits that FHFA have filed since 2011 over the $$806m of mortgage-backed securities that banks sold to the two mortgage giants.
Nomura and the Royal Bank of Scotland are to pay a further $33m, on top of $806m they have already been ordered to pay by the Federal Housing Finance Agency (FHFA), over allegations that they made false statements in selling mortgage-backed securities regarding mortgage companies Fannie Mae and Freddie Mac. This case is the first to reach trial of the 18 lawsuits that FHFA have filed since 2011 over the $200bn of mortgage-backed securities that banks sold to the two mortgage giants.