18th May 2015 08:56
LONDON (Alliance News) - The Royal Bank of Scotland Group PLC has been ordered to pay hundreds of millions of pounds in fines over its involvement in selling toxic mortgage-backed debt to Fannie Mae and Freddie Mac, The Sunday Times reports.
RBS and Japanese lender Nomura have been ordered to pay a combined USD806 million fine for making false statements when selling home loan bonds, The Sunday Times said. The fine was handed down by US district judge Denise Cote.
The Japanese bank, which is appealing the fine, has agreed to indemnify RBS, the newspaper said.
Nomura sponsored the sale of USD2 billion in securities sold to the US home loan agencies, four of which were underwritten by RBS.
http://www.thesundaytimes.co.uk/sto/business/Finance/article1557444.ece
By Sam Unsted; [email protected]; @SamUAtAlliance
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