
The Swiss bank UBS said Monday it had struck a deal with U.S. authorities to settle charges that it misrepresented mortgage bonds issued in 2004 through 2007. UBS settled with the Federal Housing Finance Agency, which has accused 18 big banks of overstating the value of bundled mortgage securities in advance of the 2008 financial meltdown that was largely caused by overwhelming numbers of defaulting home loans. Details of the agreement were not disclosed but The New York Times reported UBS said it was accepting a one-time, pretax charge of $919 million related to the settlement. The FHFA filed the lawsuit in 2011, seeking billions of dollars in compensation from the banks. FHFA losses involving UBS loans totaled $900 million, the Times said.
GMT 19:30 2018 Wednesday ,03 January
EU launches last crisis-battling finance reformGMT 17:13 2017 Thursday ,14 December
South Korea bans its banks from dealing in BitcoinGMT 19:16 2017 Monday ,11 December
Britain’s smaller banks jostle for business banking grantsGMT 19:31 2017 Sunday ,10 December
Britain’s smaller banks jostle for business banking grantsGMT 17:28 2017 Thursday ,07 December
India's central bank holds rates at seven-year lowGMT 17:55 2017 Sunday ,03 December
Saudi banks prepare for riyal coinsGMT 15:10 2017 Wednesday ,29 November
Societe Generale shares climb after cost-cutting planGMT 19:22 2017 Friday ,17 November
Deutsche Boerse taps top banker as new CEO
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor