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Barclays Charged with Mortgage Securities Fraud - DOJ
[Photo: by Miguel Discart / Wikimedia Commons]
The U.S. Department of Justice on Thursday sued Barclays for fraud in the sale of mortgage securities in the run-up to the financial crisis - charging the British bank with deceiving investors about the quality of loans underlying tens of billions of dollars of mortgage securities between 2005 and 2007. According to the lawsuit against Barclays, over half the underlying loans in $31 billion worth of mortgage loans pooled into 36 deals defaulted.
Barclays is one of several European banks under investigation for misconduct in the sale of mortgage securities from the pre-2008 financial crisis. Deutsche Bank and Credit Suisse are in negotiations. Major U.S. banks - including JPMorgan and Bank of America - have already paid tens of billions of dollars to settle similar charges.
The British bank responded: "Barclays will vigorously defend the complaint and seek its dismissal at the earliest opportunity."
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