Relevant:
- Swiss UBS paying $885M to settle US claims over sales of mortgage bonds to Fannie, Freddie
- HSBC to Pay $550 Million to US Housing Authorities to End Mortgage-Related Suit
- Goldman Sachs to pay US$3.15b to settle mortgage case
- A weak economy trampled by battling giants
- Guess who's paying to defend Fannie and Freddie execs
2013-08-07 — krmg.com
``Last month, UBS agreed to pay $885 million to settle separate U.S. government claims that it violated securities laws in its sales of mortgage-backed bonds to Fannie Mae and Freddie Mac. The Federal Housing Finance Agency, which oversees the two government-controlled mortgage finance companies, had sued UBS and 17 other major banks over their sales to Fannie and Freddie of about $196 billion in mortgage securities that soured when the housing market collapsed.
The SEC's settlement with UBS was the latest in a series of SEC actions regarding Wall Street firms' conduct in the years preceding the 2008 crisis. The roughly $50 million that UBS is paying is smaller than most of the previous accords with other big banks.''
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