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Financial Institutions Agree to Pay $32.5 Million to Resolve Allegations Related to Mortgage-Backed Securities Offers

  • New Mexico AG Hector Balderas reached a settlement with seven financial institutions to resolve allegations that they did not disclose material information to state pension funds and a state-run investment council about certain residential mortgage-backed securities in violation of the New Mexico Fraud Against Taxpayers Act.
  • According to the AG’s office, the case, originally brought by a whistleblower, alleged that the financial institutions did not provide adequate disclosures to the state or its subdivisions for certain residential mortgage-backed securities they offered.
  • Under the terms of the settlement, the companies will collectively pay $32.5 million.