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UBS to Pay $885 Million Fine for Pushing Toxic Mortgages

HeadlineJul 26, 2013

The banking giant UBS has agreed to pay a $885 million settlement for deceptively selling mortgage-backed securities to Fannie Mae and Freddie Mac. Under the terms of the deal, UBS does not admit to any liability or wrongdoing and its executives will avoid charges. UBS is among 18 banks pursued by the Federal Housing Finance Agency for dumping the toxic securities that helped cause the nation’s financial crisis. UBS previously paid a $1.5 billion fine for its role in the manipulation of Libor, the basis for rates on trillions of dollars in transactions across the globe.

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