UBS pays up to $230 million for selling faulty mortgage loans

Big banks continue to fork over fines for gambling on mortgage-backed securities in the years leading up to the 2008 financial crisis. UBS is the latest financial firm to reach a settlement with New York. To make up for the company's packaging and selling of mortgage-backed securities that contributed to the housing crash, the Swiss bank giant (NYSE: UBS) agreed to pay a $230 million settlement. This includes a contribution of $189 million worth of consumer relief for New York homeowners and communities.…

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