FINRA fines Barclays Capital $3m for subprime mortgage failures
The Financial Industry Regulatory Authority (FINRA) has fined Barclays Capital $3m for misrepresenting delinquency data and inadequate supervision in connection with the issuance of residential subprime mortgage securitizations (RMBS).
The regulator found that Barclays misrepresented the historical delinquency rates for three subprime RMBS it underwrote and sold between March 2007 and December 2010.
Barclays posted the inaccurate delinquency data on its website to affect an investor's assessment of subsequent securitizations.
According to FINRA, Barclays failed to establish an adequate system to supervise the maintenance and updating of relevant disclosure on its website.
FINRA executive vice president and chief of enforcement Brad Bennett said that Barclays did not have a system in place to ensure that delinquency data posted on its website was accurate; therefore, investors were supplied inaccurate information to assess future performance of RMBS investments.
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