Items Tagged with 'mortgage bonds'

ARTICLES

  • Ginnie Mae issues new rules for servicers and issuers

    New rules designed to provide more security to MBS market
    Aiming to provide more stability and integrity to the mortgage-backed securities market, Ginnie Mae on Friday released a number of new rules for mortgage servicers and issues of Ginnie Mae securities. Click through for the full details.
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  • UBS expecting DOJ lawsuit over pre-crisis mortgage bonds

    Lawsuit could come as soon as this week
    UBS, which has already paid out hundreds of millions of dollars over its pre-crisis mortgage securitization activities, is about to be facing another massive lawsuit for the same conduct. UBS revealed late Wednesday that it is expecting to be sued by the Department of Justice over its issuance, underwriting and sale of residential mortgage-backed securities from 2006 to 2007.
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  • HSBC to pay $765 million in settlement over pre-crisis mortgage bonds

    DOJ accused bank of selling mortgage-backed securities full of toxic loans
    HSBC will pay $765 million to the federal government as part of a settlement that covers the bank’s mortgage bond activities in the run-up to the housing crisis. The Department of Justice announced Tuesday that it reached a final settlement with HSBC that would resolve an investigation into the bank’s mortgage origination and securitization activities from 2005 to 2007.
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  • RBS meets $400 million consumer relief goal by handing out $130 million in relief

    Bank completes consumer relief portion of its $500 million settlement with New York
    Just six months after the Royal Bank of Scotland reached a $500 million settlement with the state of New York over the bank’s mortgage practices in the run-up to the housing crisis, RBS has reached the settlement’s $400 million consumer relief goal, by providing just under $130 million in actual relief.
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  • SEC hits Moody’s with $15 million fine over mortgage bond ratings

    Credit ratings agency will also pay $1.25 million for “ratings symbol deficiencies”
    In the wake of the financial crisis, the country’s largest credit ratings agencies all touted new ratings methodologies that were, in theory, designed to guard against the sorts of malfeasance that surrounded mortgage bond ratings in the run-up to the crisis. But it looks like the new mortgage bond rating system at one of the nation’s largest credit ratings agencies was far from perfect.
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  • Feds drop case against bond trader Jesse Litvak

    5-year battle reaches an end
    For bond trader Jesse Litvak, the past five years have been a whirlwind of court cases and even jail time for his role in the financial crisis. Now, however, the federal government announced it is dropping its case against Litvak after two different convictions of fraud were overturned in the federal appeals court.
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  • RBS to pay $20 million to Illinois pension funds over crisis-era mortgage bonds

    New settlement is bank’s eighth such settlement in recent years
    For the third time this year, the Royal Bank of Scotland is about to pay up over the bank’s mortgage practices in the run-up to the housing crisis. RBS has already reached a nearly $5 billion settlement with the Department of Justice and a $500 million settlement with the state of New York. Now, the bank has agreed to a new $20 million settlement with the state of Illinois.
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  • Merrill Lynch ordered to pay $15.7M for cheating customers in mortgage bond trades

    SEC orders company to pay up for misleading customers
    Merrill Lynch will pay $15.7 million to settle allegations that its employees misled mortgage bond customers and overcharged those customers residential mortgage-backed securities trades during a three-year period from 2009 through 2012, the Securities and Exchange Commission announced this week.
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