NEW YORK | Japanese bank Nomura to pay $480M for role in housing crisis

16Oct - by Editor - 0 - In STL.News



NEW YORK— Japanese bank Nomura is agreeing to pay $480 million to U.S. authorities for its alleged role in the housing market bubble and the subsequent 2008 financial crisis.

The Justice Department alleges Nomura defrauded investors by knowingly selling mortgages that were not appropriately underwritten, which led to significant losses once those mortgages went sour.

These are similar allegations that the Justice Department has brought against other large banks for their role in the financial crisis.

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