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national mortgage association and the federal home loan mortgage corporation, plaintiff, -against- nomura holding america inc., nomura asset acceptance corporation, nomura home equity loan, inc., nomura credit & capital, inc., nomura securities international, inc., rbs securities inc. (f/k/a greenwich capital markets, inc.), david
· The lawsuit was one of 18 brought by the FHFA that year over some $200 billion in mortgage-backed securities that banks sold Fannie Mae and Freddie Mac. All.
A U.S. appeals court appeared unlikely on Friday to overturn an order requiring nomura holdings Inc and Royal Bank of Scotland Group Plc (RBS.L) to pay $839 million for making false statements while selling mortgage-backed securities to Fannie Mae (FNMA.PK) and Freddie Mac(FMCC.PK). Lawyers for both
In her 361- page ruling, Judge Denise L. Cote of Federal District Court in Manhattan wrote that the extent of falsity committed by the two banks was "enormous." She told the FHFA to propose how much Royal Bank of Scotland and Nomura should pay in the wake of her decision. The agency had initially sought approximately $1.1 billion.
Grim Nomura, rbs mortgage securities ruling may Encourage future Settlements over Trials Staff – May 18, 2015 US Federal District Court for the Southern District of New York In Manhattan Source.
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.
The Nomura case was the first to reach trial out of 18 lawsuit filed by FHFA in 2011 over $200 billion in mortgage-backed securities that various banks sold Fannie Mae and Freddie Mac.
· Nomura, RBS and the FHFA declined comment before trial. The banks’ decision to go to trial contrasts with competitors, who cut settlements for nearly $17.9 billion following a series of adverse rulings by U.S. District Judge Denise Cote.
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Nomura, RBS appeal U.S. judge's $839 million mortgage bond. – Nomura, RBS appeal U.S. judge’s $839 million mortgage bond award.. and Royal Bank of Scotland Group Plc. (FHFA) over mortgage bonds sold before the 2008 financial crisis..
While the banks would have to pay the FHFA. for Nomura and RBS declined to comment. Nomura has said it will appeal Cote’s ruling. The lawsuit was the first to reach trial of 18 filed by the.