Items Tagged with 'Royal Bank of Scotland'

ARTICLES

Deutsche Bank, RBS, Wells Fargo settle for $165 million over NovaStar mortgages

Union pension funds to receive payment in class action suit
Deutsche Bank, Royal Bank of Scotland, and Wells Fargo reached a $165 million settlement in class action lawsuit brought by pension funds over faulty crisis-era mortgages originated NovaStar Mortgage, the plaintiffs' attorneys announced on Wednesday. If approved by judge, the settlement would bring a nine-year legal battle to a close.
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RBS sets aside $3.8 billion more for RMBS settlement with DOJ

Getting closer to the finish line?
It appears that despite a new administration running the ship in Washington, D.C., the federal government still plans to seek restitution for the events that led to the financial crisis, or at least that’s what one foreign bank thinks. Royal Bank of Scotland said Thursday that it is setting aside $3.8 billion to be used to settle with the government.
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RBS to pay $1.1 billion to NCUA over mortgage securities settlement

Recoveries will offset the total costs to credit unions
The latest in a series of settlements that date back to the financial crisis will cost the Royal Bank of Scotland $1.1 billion, which it will pay to the National Credit Union Administration in order to settle claims related to faulty mortgage-backed securities sold to U.S. credit unions.
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Is settlement looming between U.S. and RBS over pre-crisis mortgage bonds?

On to the next one…
Now that the U.S. government secured another massive settlement over pre-crisis mortgage bond practices, this time with Goldman Sachs to the tune of $5 billion, only one major investigation remains outstanding – Royal Bank of Scotland. And according to a report from Reuters, settlement between RBS and the feds could be coming in the next few weeks.
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DOJ reportedly pursuing criminal charges against JPMorgan Chase, RBS executives

U.S. finally targeting individuals for toxic mortgage bonds?
Following through on policy changes announced earlier this year that opened the door to individuals being held criminally responsible for corporate misconduct that helped cause the financial crisis, the Department of Justice is reportedly pursuing criminal charges against executives at the Royal Bank of Scotland and JPMorgan Chase.
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RBS to pay $129.6 million to NCUA to settle RMBS losses

NCUA’s total recoveries in securities cases now exceed $1.9 billion
The Royal Bank of Scotland will pay $129.6 million to the National Credit Union Administration to resolve claims arising from losses related to purchases of residential mortgage-backed securities by Members United and Southwest corporate credit unions. Click here to learn more about the settlement.
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Nomura found liable for selling toxic mortgages to Fannie, Freddie

Judge: Magnitude of falsity “enormous”
A federal judge ruled Monday that Nomura Holdings misled Fannie Mae and Freddie Mac when it made false representations about the quality of mortgages that were used to back $2 billion in securities it sold to the GSEs. The judge said the “magnitude of falsity, conservatively measured, is enormous."
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