Volume 2014 - Number 25
June 27, 2014
RBS to Pay FHFA $99.5 Million to Settle Non-Agency MBS Lawsuit; MBIA Demands Documents from Credit Suisse
The Federal Housing Finance Agency late last week announced it reached a nearly $100 million settlement with RBS Securities to settle allegations tied to non-agency MBS bought by Freddie Mac from 2005 to 2007, but the deal represents just a fraction of the firm’s remaining exposure. The $99.5 million settlement only resolves claims against RBS in FHFA v. Ally Financial Inc. in the Southern District of New York. Ally Financial is the successor company to GMAC-RFC, a now defunct non-agency MBS issuer. Last week’s deal is...
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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.
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