Barclays Finalizes Mortgage Securities Probe with $2 Billion Settlement
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Barclays Finalizes Mortgage Securities Probe with $2 Billion Settlement
Barclays finalized an agreement to pay U.S. authorities $2 billion to settle claims that it misled investors with residential mortgage-backed securities it sold in the run-up to the 2008 financial crisis, the U.S. Department of Justice said on Thursday.
The final deal is lower than the $5 billion sum that the U.S. authorities had asked Barclays to pay earlier in negotiations, as reported back in 2016.
As part of the settlement, the lender acknowledged that home loans it pooled into the securities did not meet underwriting guidelines and that “it knew it was peddling investments that were likely to fail,” US attorney for the eastern ... (read more)
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