Nomura and RBS await judge ruling on FHFA mortgage lawsuit

Nomura Tells 2nd Circ. $806M FHFA Case Needs New Judge. By. but Nomura and RBS battled the FHFA in court, with Judge Cote ruling in May 2015 that the two banks were liable for selling shoddy.

NEW YORK (Reuters) – A U.S. appeals court appeared unlikely on Friday to overturn an order requiring Nomura Holdings Inc (>> Nomura Holdings, Inc.) and Royal Bank of Scotland Group Plc (>> Royal Bank of Scotland Group plc) to pay $839 million for making false statements while selling mortgage-backed.

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 · In a highly complex and high-profile bench trial, a New York federal judge on Monday found Nomura Holdings Inc. liable for selling sub-standard mortgage bonds to Fannie Mae and Freddie Mac before the 2008 financial crisis, ruling in favour of the federal housing finance agency (fhfa), the conservator for both agencies.

The award stemmed from a lawsuit brought against Nomura and RBS by the Federal Housing Finance Agency in 2011. The FHFA has acted as conservator of mortgage agencies fannie mae and Freddie Mac since their 2008 takeover by the federal government after the collapse of the U.S. housing market.

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NEW YORK (Reuters) – A U.S. judge on Monday ruled that Nomura Holdings Inc made false statements in selling mortgage-backed securities to Fannie Mae and Freddie Mac ahead of the 2008 financial crisis.. finds Japanese bank lied when it sold mortgage-backed securities to Fannie Mae and Freddie Mac. it received since launching the lawsuit in.

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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 billion.

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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.

 · The 5th U.S. Circuit Court of Appeals in New Orleans has revived a lawsuit filed by the Federal Deposit Insurance Corp. (FDIC) accusing Deutsche Bank, Goldman Sachs, and the Royal Bank of Scotland of fraud with regards to $840 million worth of mortgage-backed securities sold to a Texas bank that later failed, according to multiple.