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Mortgages

UBS pays $1.43 bln to settle US mortgage claims as industry-wide probe concludes

The logo of Swiss bank UBS is seen at the company's office at the Bahnhofstrasse in Zurich in this July 1, 2009 file photo. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsWASHINGTON/NEW YORK, Aug 14 (Reuters) - UBS (UBSG.S) agreed to pay $1.435 billion to settle U.S. charges that the Swiss lender misled investors into buying troubled mortgage securities, concluding an industrywide probe into a root cause of the 2008 global financial crisis.The U.S. Department of Justice on Monday said it has collected more than $36 billion in civil fines from 19...
Banking

Moody’s downgrades US banks, warns of possible cuts to others

Signage is seen outside the Moody's Corporation headquarters in Manhattan, New York, U.S., November 12, 2021./File Photo Acquire Licensing RightsAug 7 (Reuters) - Moody's cut credit ratings of several small to mid-sized U.S. banks on Monday and said it may downgrade some of the nation's biggest lenders, warning that the sector's credit strength will likely be tested by funding risks and weaker profitability.Moody's cut the ratings of 10 banks by one notch and placed six banking giants, including Bank of New York Mellon (BK.N), US Bancorp (USB.N), State Street (STT.N)...
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