Items Tagged with 'RMBS settlement'

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  • HSBC agrees to $765 million settlement with DOJ over pre-crisis mortgages

    Plus $26.8 million settlement with Massachusetts
    HSBC revealed Monday that it recently agreed to a “settlement-in-principle” with the Department of Justice that would see the bank pay a $765 million civil penalty that would resolve an investigation into the bank’s mortgage origination and securitization activities from 2005 to 2007. But that's not the only pending settlement for the London-based bank.
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  • RBS to pay $20 million to Illinois pension funds over crisis-era mortgage bonds

    New settlement is bank’s eighth such settlement in recent years
    For the third time this year, the Royal Bank of Scotland is about to pay up over the bank’s mortgage practices in the run-up to the housing crisis. RBS has already reached a nearly $5 billion settlement with the Department of Justice and a $500 million settlement with the state of New York. Now, the bank has agreed to a new $20 million settlement with the state of Illinois.
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  • Merrill Lynch ordered to pay $15.7M for cheating customers in mortgage bond trades

    SEC orders company to pay up for misleading customers
    Merrill Lynch will pay $15.7 million to settle allegations that its employees misled mortgage bond customers and overcharged those customers residential mortgage-backed securities trades during a three-year period from 2009 through 2012, the Securities and Exchange Commission announced this week.
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  • RBS reaches $4.9 billion settlement with DOJ over pre-crisis mortgage bonds

    Proposed settlement would be far less than originally estimated
    For the second time this year and at least the seventh time in recent memory, the Royal Bank of Scotland is about to cut a massive check as part of a settlement over the bank’s mortgage practices in the run-up to the housing crisis. Back in March, it was a $500 million settlement with the state of New York. Now, RBS is preparing for a nearly $5 billion settlement with the DOJ that would cover the bank’s issuance and underwriting of mortgage-backed securities between 2005 and 2007.
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  • Barclays agrees to pay $2 billion to settle crisis-era RMBS fraud charges

    Two subprime mortgage bond traders also fined $2 million
    Barclays Capital will pay $2 billion to the federal government to settle charges brought against the bank by the Department of Justice, which accused the company of misleading investors about the quality of the underlying subprime and Alt-A mortgages in $31 billion in mortgage bonds, which, as the DOJ put it, “proved to be catastrophic failures.”
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  • UBS reaches $230 million settlement with New York over toxic mortgage bonds

    Required to provide $189 million in consumer relief
    For the second time this month, the state of New York has reached a massive settlement with a bank that ends in “BS.” First, RBS reached a $500 million settlement with the state. Now, UBS agreed to a $230 million settlement covering UBS' mortgage bond activities in the run-up to the financial crisis.
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  • RBS reaches $500 million settlement with New York over crisis-era mortgage practices

    Will provide $400 million in consumer relief to state’s residents
    New York Attorney General Eric Schneiderman announced this week that RBS agreed to a $500 million settlement with the state for the bank’s “deceptive practices and misrepresentations to investors in connection with the packaging, marketing, sale, and issuance of residential mortgage-backed securities” leading up to the financial crisis.
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  • RBS reaches $125 million mortgage bond settlement with California

    Settlement covers “misrepresentations” of RMBS sold to state pension funds
    Earlier this year, the Royal Bank of Scotland finally reached a $5.5 billion settlement with the Federal Housing Finance Agency over alleged violations of federal and state securities laws in connection with private-label residential mortgage-backed securities trusts purchased by Fannie Mae and Freddie Mac from 2005 to 2007. But RBS’ legacy issues are not done and dusted yet.
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