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In March 2012, the SEC announced that a federal judge ordered the former CEO of Brookstreet Securities Corp., Stanley C. Brooks, to pay a maximum $10 million penalty related to the fraud action that the SEC filed against Brooks for systematically selling risky mortgage-backed securities during the financial crisis to customers with conservative ...
The Federal Housing Finance Agency initiated litigation against 18 financial institutions involving allegations of securities law violations and, in some instances, fraud in the sale of private-label securities (PLS) to Fannie Mae and Freddie Mac. Below is a list of the cases, with amounts of any settlements reached in 2013 and 2014. [22] [23] [24]
UBS agreed to pay $1.44 billion in penalties to settle allegations of fraud in the sale of residential mortgage-backed securities, the Department of Justice announced on Monday, resolving a case ...
In September 2008, after suffering heavy losses during the subprime crisis, New Jersey Carpenters Health Fund sued the company and the underwriters of residential mortgage-backed securities issued by affiliates of the company, claiming that the prospectuses and registration statements of the RMBS did not adequately disclose the risks, were misleading to investors, and violated securities law.
LONDON (Reuters) -Credit Suisse saw off a case brought against the bank over $100 million of notes linked to residential mortgage-backed securities on Friday, resolving another legacy legal ...
On August 3, 2009, SIGTARP special agents raided the company's headquarters in Ocala, Florida, in connection with an investigation related to the company's acquisition of a majority stake in Colonial BancGroup, once one of the 25 biggest depository banks in the U.S. [3] Taylor, Bean & Whitaker had signed a deal on March 31, 2009, to become the majority owner of Colonial BancGroup in a $300 ...
The regulator of Fannie Mae and Freddie Mac, the Federal Housing Finance Agency, had accused the bank of misrepresenting the quality of loans underlying residential mortgage-backed securities ...
Residential mortgage-backed security (RMBS) are a type of mortgage-backed security backed by residential real estate mortgages. [1]Bonds securitizing mortgages are usually treated as a separate class, making reference to the general package of financial agreements that typically represents cash yields that are paid to investors and that are supported by cash payments received from homeowners ...