Date: SEPTEMBER 28, 2017
Media: REUTERS
Media: REUTERS
What happened?
Nomura Holdings Inc. and Royal Bank of Scotland (RBS) lost a U.S. court appeal to overturn an order requiring them to pay for making false statements while selling mortgage-backed securities to Fannie Mae (FNMA) and Freddie Mac (FMCC).
Whom and where it affects?
This news affects the financial markets, in a global area. The countries affected by this financial scandal are Japan, because Nomura Holding Inc. is a Japanese financial holding company, United Kingdom by RBS and finally, the United States, because FNMA and FMCC are the American corporations where the bonds were sold.
What sort of public or private institutions are involved?
Nomura Holding Inc, Royal Bank of Scotland, FNMA (Federal National Mortgage Association), FMCC (Federal Home Loan Mortgage Corp) and FHFA (Federal Housing Finance Agency). All of them are public institutions.
Why is it important for Banking and Finance?
This information is important for banking and finance because both Nomura and RBS are reference entities worldwide and have been involved in a case of mortgage fraud.
What do you think will be the consequences in the foreseeable future?
This stir will cause the weakening or loss of customers confidence.
Key words: Mortgage bond, Securities, Financial crisis, Housing market, Lawsuits.
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