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Tag Archives: Nomura Holdings

Nomura, FHFA Present Closing Arguments in MBS Trial

FHFA alleges it suffered monumental losses when the sponsor of the mortgage-backed securities, Tokyo-based Nomura, and the securities' underwriter, Royal Bank of Scotland, did not follow underwriting guidelines on 68 percent of a sample of a bundle of securities backing more than $2 billion worth of mortgages sold to the GSEs prior to the financial crisis of 2008.

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Former Fannie Mae CEO Testifies in FHFA v. Nomura Trial

When he was asked if Fannie Mae could have predicted the magnitude of the housing crash, Mudd said the GSE's predictions "undershot" what eventually happened and that to his knowledge, no one at Fannie Mae could have accurately predicted the extent of the housing crisis.

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FHFA, Nomura Trial Expected to Continue for a Month

Nomura, which is headquartered in Japan and is one of the world's biggest banks, is the first financial institution to go to trial out of the 18 lenders FHFA sued in 2011 to recoup U.S. taxpayer costs following the government's $188 billion bailout of Fannie Mae and Freddie Mac in 2008, after which the government seized control of both Enterprises.

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FHFA’s Mortgage-Backed Securities Suit vs. Nomura, RBS Scheduled for Trial

FHFA is said to be seeking $1 billion in damages over losses the Agency suffered when the sponsor of the mortgage-backed securities, Nomura, and the securities' underwriter, RBS, did not follow underwriting guidelines on 68 percent of a sample of a bundle of securities backing more than $2 billion worth of mortgages sold to the GSEs prior to the financial crisis of 2008.

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