Mortgage and auto loan securitisations inflict op risk losses

Megan van Ooyen from SAS rounds up the top five operational risk losses for March 2017

Car and house made of money

Faulty securitisations sold before the global financial crisis returned to sting a number of lenders in March following the resolution of a long-running class action lawsuit, while state regulators continued to mete out fines for more recent infractions. Last month, Wells Fargo Advisors, Deutsche Bank Securities and RBS Greenwich Capital – now known as RBS Securities – reached a settlement with investors that purchased six residential mortgage-backed securities from NovaStar Mortgage Funding