Now it’s up to the judge to decide if mortgages sold to Fannie Mae and Freddie Mac were misrepresented when packaged into securities.. Home Nomura and RBS await judge ruling on FHFA mortgage.
Judge Cote, who presided over a nonjury trial, said the FHFA was entitled to judgment against Nomura and the Royal Bank of Scotland P.L.C., which underwrote some of the $2 billion in mortgage.
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.
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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.
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.
(Reuters) – A U.S. judge on Monday ruled that Nomura Holdings made false statements in selling mortgage-backed securities to Fannie Mae and Freddie Mac ahead of the 2008 financial crisis. U.S.
Nomura, RBS appeal U.S. judge’s 9 million mortgage bond award.. and Royal Bank of Scotland Group Plc. (FHFA) over mortgage bonds sold before the 2008 financial crisis..
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· Nate Raymond and Jonathan Stempel, REUTERS NEW YORK (Reuters) – A U.S. judge on Monday ruled that Nomura Holdings Inc (8604.T) made false statements in selling mortgage-backed securities to Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) ahead of.
· Nomura and RBS await judge ruling on FHFA mortgage lawsuit Following a bench trial, Judge Cote today issued a 361-page ruling in favor of FHFA (the conservator to Freddie Mac and Fannie Mae) in a case accusing Nomura and RBS of misrepresenting the quality of mortgages underlying various securities.
the Nomura family of corporate entities and associated individuals. 3 Nomura entities that are not named parties play a part in this story, too; these are Nomura Asset Capital Corporation (“NACC”) and Nomura American Mortgage Finance (“NAMF”). 9. Case 1:11-cv-06201-dlc document 1686 filed 05/11/15 Page 9 of 361
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