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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 ...
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 ...
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 ...
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]
source: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States, p.229, figure 11.4 Credit rating agencies came under scrutiny following the mortgage crisis for giving investment-grade, "money safe" ratings to securitized mortgages (in the form of securities known as mortgage-backed securities (MBS) and collateralized debt obligations ...
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 ...
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 ...