Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Nomura Sued by Trust Over Mortgage-Backed Securities

Nomura Holdings Inc., Japan’s largest brokerage, was sued by a trust over an alleged breach of contract involving $1.14 billion of mortgage-backed securities.

HSBC Bank USA, National Association, acting as trustee, filed the suit in state Supreme Court in Manhattan yesterday, accusing Nomura Credit & Capital Inc. of failing to comply with obligations associated with 5,292 residential mortgages it purchased and sold to the trust.

The trust said in a filing that it has suffered more than $486 million in losses on the securities and will continue to suffer damages because Nomura hasn’t complied with obligations to furnish missing documentation and files for defective loans.

At least 1,448 of the loans don’t conform with information provided by Nomura about their characteristics, such as underwriting standards used at origination and information provided to ratings agencies, the trust said in the filing.

Jonathan Hodgkinson, a spokesman for Nomura in New York, said in an e-mail that the firm doesn’t comment on active legal proceedings.

The case is Nomura Home Equity Loan Inc., Home Equity Loan trust, Series 2007-3, v Nomura Credit & Capital Inc., 651124/2013, New York State Supreme Court (Manhattan).

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.