$2000000000: Barclays fine for sale of United States toxic mortgages
30 March, 2018, 08:05 | Author: Melinda Barton
"We are proud to have partnered with the U.S. Department of Justice and the U.S Attorney's Office for the Eastern District of NY on this matter".
After three years of research, department that led Loretta Lynch determined that Barclays caused billions in losses with a network that allowed it to offer active investors low-quality debt, which ended up going to pique when It collapsed housing market.
The department's complaint involved 36 residential mortgage-backed security deals, which made $31bn of subprime and Alt-Aloans tradable on the market.
Barclays recently approached the Justice Department to restart negotiations, according to two people familiar with the matter, who were not authorized to speak publicly.
"The substantial penalty Barclays and its executives have agreed to pay is an important step in recognizing the harm that was caused to the national economy and to investors in RMBS", Donoghue said in a statement.
The $2 billion penalty is less than the settlements reached by Goldman Sachs, JPMorgan Chase and other major banks over their pre-crisis mortgage deals. It is one of the largest to be levelled against a British bank, although smaller than last year's $5.5 billion penalty for Royal Bank of Scotland.
As a result of Barclay's alleged actions, investors lost billions of dollars, the Justice Department said. The Justice Department claimed that borrowers whose loans backed subprime mortgage deals were significantly less creditworthy than Barclays represented. In addition, the mortgaged properties were worth much less than what Barclays had presented to investors.
The bank last month reported a £1.9bn loss for 2017 after United States tax reforms and an accounting write-down from the sale of its Africa businesses resulted in big one-off charges.
In a statement Thursday, Barclays chief executive Jes Staley said he was pleased to reach a "fair and proportionate settlement, " adding, "It has been a priority for this management team from the start to resolve these historic issues in a timely and appropriate manner wherever possible".
The two former Barclays executives named as defendants in the suit are Paul Menefee, who was the lender's head banker on its subprime RMBS securitisations, and John Carroll, who served as head trader for subprime loan acquisitions. It also racked up £2.5bn of losses from the sale of Barclays Africa.
With the settlement now in the rear-view mirror, Barclays said it plans to pay a 6.5 pence dividend for 2018.
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