Items Tagged with 'Royal Bank of Scotland Group'

ARTICLES

  • 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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  • 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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  • 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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  • 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 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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