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US banks offered deal over mortgage bond lawsuits

Big US banks in talks with state prosecutors to settle allegations of misrepresenting the quality of mortgage securities have been offered a deal which proposes to limit their legal liability in exchange for a multi billion-dollar payment.

Five people with knowledge of the discussions told the Financial Times state prosecutors are proposing to effectively release the companies, including Bank of America, JP Morgan Chase, Wells Fargo, Citigroup and Ally Financial, from legal liability for allegedly wrongful securitisation practices.

On Friday it emerged the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, was preparing lawsuits over the alleged mis selling of mortgage bonds.

Yesterday, the FHFA revealed it had filed legal action against 17 banks including Royal Bank of Scotland, Barclays and HSBC.


Structured products platform launches in the UK

The UK’s first structured product investment platform, Structured Products Go, has gone live today. The platform has been launched by former Barclays Capital structured product specialist Phil Taylor and Ben Murison, who was previously Royal Bank ofScotland vice president of structured products for the UK. The platform has been developed in-house with RBS, Morgan Stanley, […]


Metlife: Why we have launched our own fixed-term proposition

MetLife UK managing director Dominic Grinstead says market volatility has provided an ideal opportunity for the firm to launch a fixed-term annuity to replace Living Time’s product. Later this month, MetLife will introduce the freedom income plan, a fixed-term annuity which includes an option for customers to transfer out at any time if they have […]

Swift Trade challenges regulator’s £8m ruling

The FSA has fined trading platform Swift Trade £8m for market abuse. It says the firm, which is a non-FSA-authorised Canadian company with global operations, has been fined for systematically and deliberately engaging in manipulative trading. The FSA says between January 1, 2007 and January 4, 2008, Swift’s trading caused a succession of small price […]

Global income: preparing for a rate rise…

In the five years since we launched the Artemis Global Income Fund, its manager Jacob de Tusch-Lec has built a distinctive portfolio that is first among its peers. Here he explains why his “quality, cyclical and value yield” stocks, and flexible approach, leave the fund better placed to benefit from uncertainty than funds that depend […]


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