House of Lies?
One man’s “enormous magnitude of falsity, conservatively measured,” is another’s model of consistent candor, transparency and professionalism.
A Nomura spokesman, Jonathan Hodgkinson, said the bank plans to appeal the decision. “Nomura is confident that it was consistently candid, transparent and professional in all of its dealing with Fannie Mae and Freddie Mac,” he said….
“This case is complex from almost any angle, but at its core there is a single, simple question. Did defendants accurately describe the home mortgages in the offering documents for the securities they sold that were backed by those mortgages?” she wrote in her decision. “Following trial, the answer to that question is clear. The offering documents did not correctly describe the mortgage loans.”