The United States Department of Justice has filed a civil complaint in the Eastern District of New York federal court, charging UBS AG and several of its U.S. affiliates with having “defrauded investors throughout the United States and the world in connection with its sale of residential mortgage-backed securities (RMBS) from 2006 through 2007.” From… Read More >>
Wells Fargo Settles RMBS Case with Justice Department
The U.S. Justice Department reports that Wells Fargo Bank, N.A., the fourth largest in the U.S. by assets, and several of its affiliates will pay a civil penalty of $2.09 billion, “based on the bank’s alleged origination and sale of residential mortgage loans that it knew contained misstated income information and did not meet the… Read More >>
Morgan Stanley’s RMBS Penalty Payments Hit $5 Billion
Morgan Stanley faces a total tally of $5 billion in penalties as it settles claims with federal and state government authorities over charges that the firm misled investors via its marketing, sale and issuance of residential mortgage-backed securities (RMBS) during the years leading up to the Great Recession. The penalties and related payments stem from… Read More >>
