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Bank agrees $480m penalty over 'dogs***' loans

By James Sillars, business reporter
Nomura has agreed to pay $480m (?364m) to settle US claims relating to the mis-selling of mortgage-backed securities ahead of the financial crisis.
The Department of Justice (DoJ) said the deal with the Japanese bank related to allegations Nomura misled investors between 2006 and 2007, resulting in them suffering "significant losses".:: UK recovery is slower than US after Great DepressionThe bank disputed the case and is not required to acknowledge any guilt under the settlement.The DoJ argued the bank's assertion that it's due diligence procedures were "extensive" and "disciplined" was false.It highlighted evidence collated in the case which included the bank securitising loans as favours to loan originators - including bundles openly described to Nomura as "dogs***."
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