Second Circuit Affirms Judgment in Fed Suit Over Housing Crisis-Era Securities
In a 151-page decision issued Thursday, the Second Circuit upheld a nearly $1 billion judgment against issuers of housing crisis-era securities sold to federal mortgage entities Freddie Mac and Fannie Mae.
September 28, 2017 at 06:03 PM
3 minute read
In a 151-page decision issued Thursday, the U.S. Court of Appeals for the Second Circuit upheld a nearly $1 billion judgment against issuers of housing crisis-era securities sold to federal mortgage entities Freddie Mac and Fannie Mae.
The panel of Judges Richard Wesley, Debra Ann Livingston and Christopher Droney said the 2015 ruling by U.S. District Judge Denise Cote of the Southern District of New York rightly held Nomura Holding America and RBS Securities responsible for the sale of securities they knew, or should have known, were problematic.
The panel found in Federal Housing Finance Agency v. Nomura Holding America, 15-1872-cv(L), “no merit in any” of the numerous arguments offered by the appellants seeking reversal.
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