Items Tagged with 'RBS'

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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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  • RBS will pay $44 million for cheating customers in mortgage bond trading

    Will pay $35 million penalty, $9 million in restitution to victim customers
    RBS Securities agreed to pay $44 million as part of a non-prosecution agreement covering allegations that the company’s mortgage-backed securities trading group defrauded its customers out of millions of dollars by lying about mortgage bond trades, the Department of Justice and the Special Inspector General for the Troubled Asset Relief Program announced Thursday.
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  • RBS finally settles multibillion-dollar lawsuit with FHFA over mortgage-backed securities

    Settlement stalled after the election
    The Royal Bank of Scotland Group finally shut the door on its settlement with the Federal Housing Finance Agency, as conservator of Fannie Mae and Freddie Mac. The case struggled to close due to the timing of the election and changes in the government. Now that the case is complete, it wraps up one of the last cases dating back to the financial crisis for Fannie Mae and Freddie Mac.
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  • RBS in talks with FHFA to settle multibillion-dollar lawsuit over mortgage-backed securities

    DOJ investigation on hold
    Royal Bank of Scotland continues to try and clean up the aftermath of the financial crisis, but it’s not happening easily. While the bank is reportedly in talks to finally settle one of the two major U.S. investigations into mortgage-backed securities it sold during the financial crisis, its case with the Department of Justice is at a standstill due to a number of empty key positions at the DOJ.
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  • 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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  • Think Wells Fargo scandal is bad? RBS did something so much worse

    The "dash for cash" sets a new low
    Turns out, in terms of bank scandals, the Wells Fargo indiscretions are fairly tame compared to what’s happening across the pond right now at the Royal Bank of Scotland. In fact, the alleged behavior at RBS is so shocking, you may find it hard to believe. This, friends of HousingWire, is a new low.
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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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