{"id":1826,"date":"2017-10-11T14:24:11","date_gmt":"2017-10-11T19:24:11","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1826"},"modified":"2022-03-22T15:07:19","modified_gmt":"2022-03-22T20:07:19","slug":"barclays-fights-31b-residential-mortgage-backed-securities-fraud-lawsuit","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/barclays-fights-31b-residential-mortgage-backed-securities-fraud-lawsuit\/","title":{"rendered":"Barclays Fights $31B Residential Mortgage-Backed Securities Fraud Lawsuit"},"content":{"rendered":"

\t\t\t\tIn New York federal court, Barclays PLC (BAC) is trying to get the US government\u2019s civil residential mortgage-backed securities fraud lawsuit against it dismissed. Prosecutors went after the British bank, a number of its affiliates, and two ex-employees\u2014former mortgage securitizations head Paul Menefee and former subprime loan acquisitions head trader John T. Carroll. <\/p>\n

The government contends that the defendants misrepresented the loans packaged in 36 securitizations from 2005 through 2007 were doing well when, in fact, thousands of them had been deemed defective during the vetting process, with hundreds more in default or delinquent. <\/p>\n

The RMBS fraud lawsuit is accusing Barclays of letting the loans be packaged into the securitizations despite knowing they were faulty, and even, on occasion, adding in faulty loans that had already been removed from other deals. According to the government, the securitizations failed badly, over half of the mortgages underlying them defaulted, and investors, including banks that were investors, lost billions of dollars. <\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In New York federal court, Barclays PLC (BAC) is trying to get the US government\u2019s civil residential mortgage-backed securities fraud lawsuit against it dismissed. Prosecutors went after the British bank, a number of its affiliates, and two ex-employees\u2014former mortgage securitizations head Paul Menefee and former subprime loan acquisitions head trader John T. Carroll. The government […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3994,3756,3752,3757],"tags":[],"class_list":["post-1826","post","type-post","status-publish","format-standard","hentry","category-bank-fraud","category-barclays-capital","category-financial-firms","category-mortgagebacked-securities"],"yoast_head":"\nBarclays Fights $31B Residential Mortgage-Backed Securities Fraud Lawsuit — Investor Lawyers Blog — October 11, 2017<\/title>\n<meta name=\"description\" content=\"In New York federal court, Barclays PLC (BAC) is trying to get the US government\u2019s civil residential mortgage-backed securities fraud lawsuit against it — October 11, 2017\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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