RBS SET TO PAY MASSIVE DAMAGES AFTER US MORTGAGE FRAUD RULING
May 22nd, 2015
The Royal Bank of Scotland (RBS) and its Japanese partner Nomura may have to pay millions of dollars in damages after a United States judge condemned the two for false statements in selling mortgage-backed securities to mortgage providers Fannie Mae and Freddie Mac before the 2008 financial crisis. In a May 11 ruling, that Nomura has already said it is planning to appeal, District Judge Denise Cote upheld the case filed in 2011 by the Federal Housing Finance Agency (FHFA), which claimed that “The offering documents did not correctly describe the mortgage ...
Full access to this article can be arranged with permission from the client that first ordered it. Please contact us to request access. Entries are uploaded to our archive at least one year after being published by a client – free access is restricted to International News Services journalists for background research only. The article date indicates when copy was filed to a client, not when posted to this archive. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.