Nomura, the Tokyo-based bank, is the last in a string of financial institutions to settle with the Department of Justice for fraudulent activities involving selling mortgage-backed securities leading up to the Great Recession of 2008.
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A Connecticut jury found a former Nomura executive guilty on one conspiracy charge on Thursday for allegedly tacking on secret commission fees to RMBS transactions he handled between 2009 and 2013. Two other Nomura employees were also named in the suit, which was filed by the state in September 2015. In addition to one conspiracy charge each, the trio was also charged with two counts of securities fraud and six counts of wire fraud a piece. The jury was hung on three counts, and the defendants were found not guilty on the additional charges.
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Over the past two years, the SFR mortgage-backed securities market for single family rentals has grown rapidly, the CoStar reported. Institutional owners have brought 18 of these transactions to a total market value of $9.8 billion.
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The nearly two-month long court battle between the Federal Housing Finance Agency (FHFA) and Nomura Holdings came to an end Monday when a federal judge found the bank liable for selling shoddy mortgages to Fannie Mae and Freddie Mac prior to the 2008 financial crisis.
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