12th May 2015 05:50
LONDON (Alliance News) - Nomura and Royal Bank of Scotland misled investors in mortgage backed securities, a US judge has ruled, according to a Financial Times report on Monday.
According to the report, the ruling found that "offering documents did not correctly describe the mortgage loans".
Denise Cote, the judge in question, ruled in favour of the Federal Housing Finance Agency, which is the conservator of Fannie Mae and Freddie Mac.
Nomura intends to appeal the decision, according to the report, which said that some of the securities were underwritten by RBS.
http://www.ft.com/cms/s/0/0acb6408-f807-11e4-8bd5-00144feab7de.html#axzz3ZtrsG99z
By Samuel Agini; [email protected]; @samuelagini
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