A U.S. judge on Friday ordered Nomura Holdings and Royal Bank of Scotland to pay a collective $806 million for making false statements in selling mortgage-backed securities to Fannie Mae and Freddie Mac.No word yet from Rahm Emanuel on this story.
U.S. District Judge Denise Cote in Manhattan entered the judgment after finding the banks liable on Monday following a non-jury bench trial in a lawsuit by the Federal Housing Finance Agency over securities sold ahead of the 2008 financial crisis.
Under the order, Fannie Mae will receive $26.6 million while Freddie Mac will be paid $779.4 million by the two firms.
Saturday, May 16, 2015
Two major banks ordered to pay Fannie Mae and Freddie Mac $806 million
The Business Insider reports:
