{"id":5781,"date":"2015-05-11T00:00:00","date_gmt":"2015-05-11T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/05\/nomura_holdings_and_royal_bank"},"modified":"2022-05-06T14:54:27","modified_gmt":"2022-05-06T19:54:27","slug":"nomura-holdings-and-royal-bank","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/nomura-holdings-and-royal-bank\/","title":{"rendered":"Nomura Holdings and Royal Bank Scotland Lose FHFA’s Mortgage-Backed Securities Case"},"content":{"rendered":"

A U.S. District Court judge said that Royal Bank of Scotland Group Plc (RBS) and Nomura Holdings Inc. (NMR) misled Freddie Mac and Fannie Mae when it sold them faulty mortgage-backed securities in 2008. The two banks are the only financial firms who opted to go to trial rather than settle the claims against them. Over a dozen other firms, including Bank of America (BAC) <\/a>and Goldman Sachs (GS), decided to resolve their cases filed by the Federal Housing Finance Agency. They collectively have paid close to $18 billion in penalties.<\/p>\n

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 \u201cenormous.\u201d 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.<\/p>\n

The FHFA accused Nomura of cheating the two mortgage lenders when it sold them $2 billion of bonds that were backed by defective mortgages. It was RBS that underwrote more than half of the securitizations involved.<\/p>\n

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

A U.S. District Court judge said that Royal Bank of Scotland Group Plc (RBS) and Nomura Holdings Inc. (NMR) misled Freddie Mac and Fannie Mae when it sold them faulty mortgage-backed securities in 2008. The two banks are the only financial firms who opted to go to trial rather than settle the claims against them. […]<\/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":[3757],"tags":[],"class_list":["post-5781","post","type-post","status-publish","format-standard","hentry","category-mortgagebacked-securities"],"yoast_head":"\nNomura Holdings and Royal Bank Scotland Lose FHFA's Mortgage-Backed Securities Case — Investor Lawyers Blog — May 11, 2015<\/title>\n<meta name=\"description\" content=\"A U.S. District Court judge said that Royal Bank of Scotland Group Plc (RBS) and Nomura Holdings Inc. 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