Ex-Fannie Mae CEO testifies in $1 billion mortgage trial of Nomura, RBS

March 31, 2015 10:01 PM

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Ex-Fannie Mae CEO testifies in $1 billion mortgage trial of Nomura, RBS

NEW YORK (Reuters) - Former Fannie Mae (FNMA.OB) CEO Daniel Mudd testified on Tuesday in a $1 billion civil trial over losses the company suffered on mortgage-backed securities and said it did not predict the severe decline in U.S. housing prices during the financial crisis.

Mudd appeared in Manhattan federal court after being subpoenaed by Nomura Holdings Inc (8604.T) and Royal Bank of Scotland Group Plc (RBS.L) to testify in a trial pursued by Fannie's conservator, the Federal Housing Finance Agency.

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