This week's risk management news includes AIG suing BofA, FMA NZ's new appointments, and fraud at Tacoma Bank.
August 10, 2011 | The Asian Banker Editor
FMA makes three further leadership team appointments
The New Zealand Financial Markets Authority has made three further appointments to its strategic leadership team under chief executive Sean Hughes. The tree appointed are; Diane Maxwell, head of stakeholder management, Duncan Smith, head of business performance, and Nick Williams, acting head of enforcement.
AIG Files $10b suit against Bank of America over MBS fraud
AIG has filed a $10 billion lawsuit against Bank of America over allegations of mortgage-backed securities (MBS) fraud. AIG claims that Bank of America and several of its acquisitions, including Merrill Lynch and Countrywide, of misrepresenting the quality of the mortgages that went into bundled securities, costing AIG approximately $28 billion in losses.
Chief mortgage lender at Tacoma bank charged with fraud
Shawn Portmann, former head of a defunct Tacoma bank’s home loans unit, and another Pierce Commercial Bank executive have been indicted on bank fraud charges. Portmann is accused of prompting others at Pierce Commercial Bank to falsify mortgage applications while raking in bonuses and embezzling from his employer.
Re-disseminated by The Asian Banker
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Risk And Regulation Working GroupKeywords:AIG, FMA, BofA, Tacoma