Search results
Results From The WOW.Com Content Network
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 ...
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]
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.
On January 21, 2014, Serageldin was ordered to pay more than $1 million to settle the lawsuit by the U.S. Securities and Exchange Commission. He was also effectively barred from the securities industry. [3] [10] Serageldin said he committed the crime "To preserve my reputation in the bank at a time when there was great financial turmoil". [8]
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 ...
It was the 10th settlement that the FHFA has reached in litigation that began in 2011 when it filed 18 lawsuits over about $200 billion in mortgage-backed securities, an investment product at the ...
Private sector asset managers and the U.S. Treasury will provide the remaining assets. The second program was called the legacy securities program, which would buy residential mortgage backed securities (RMBS) that were originally rated AAA and commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS
Houston law firm Gibbs & Bruns LLP has accused Wells Fargo (NYS: WFC) and Morgan Stanley (NYS: MS) of failing to service more $73 billion in residential mortgage-backed securities (RMBS ...