RBS Agrees on $5.5 Billion Settlement over Mortgage-Backed Securities Charges
- From the 18 suits filed by the FHFA in 2011, it has already fined some of major banks $17.87 billion.
Royal Bank of Scotland (RBS) has agreed to pay $5.5 billion to settle lawsuits filed in US courts by the Federal Housing Finance Agency (FHFA) accusing the bank of mis-selling billions of dollars in mortgage-backed securities before the global financial crisis.
The London Summit 2017 is coming, get involved!
In Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term for dismissing one of the two major investigations, which were filed by the FHFA in its capacity as conservator for Fannie Mae and Freddie Mac, the Edinburgh-based lender will pay a fine that exceeds what analysts expected - $3.5 to $5 billion was the accepted estimate for RBS to settle the case.
The suit against RBS is part of a multisuit campaign against major banks, which allegedly did not disclose problems with the mortgage-backed securities that would ultimately cause major losses.
The FHFA launched mortgage-backed securities-related suits against Barclays Bank PLC, Citigroup Inc., Credit Suisse AG, Deutsche Bank AG, Goldman Sachs Group Inc., JPMorgan Chase & Co., UBS AG and several other banks. Of the 18 suits filed in 2011, it has already fined some of these banks $17.87 billion, including $5.83 billion from Bank of America Corp and $4 billion from JPMorgan Chase & Co.
RBS Chief Executive Ross McEwan said in a statement that this Settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term represents an important step in helping restore stability to the mortgage market and “resolving one of the most significant legacy matters”.
RBS issued a statement saying the settlement was expected to reduce its third-quarter income and it will record a charge of 151 million pounds in next month's result related to the fine.
Royal Bank of Scotland (RBS) has agreed to pay $5.5 billion to settle lawsuits filed in US courts by the Federal Housing Finance Agency (FHFA) accusing the bank of mis-selling billions of dollars in mortgage-backed securities before the global financial crisis.
The London Summit 2017 is coming, get involved!
In Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term for dismissing one of the two major investigations, which were filed by the FHFA in its capacity as conservator for Fannie Mae and Freddie Mac, the Edinburgh-based lender will pay a fine that exceeds what analysts expected - $3.5 to $5 billion was the accepted estimate for RBS to settle the case.
The suit against RBS is part of a multisuit campaign against major banks, which allegedly did not disclose problems with the mortgage-backed securities that would ultimately cause major losses.
The FHFA launched mortgage-backed securities-related suits against Barclays Bank PLC, Citigroup Inc., Credit Suisse AG, Deutsche Bank AG, Goldman Sachs Group Inc., JPMorgan Chase & Co., UBS AG and several other banks. Of the 18 suits filed in 2011, it has already fined some of these banks $17.87 billion, including $5.83 billion from Bank of America Corp and $4 billion from JPMorgan Chase & Co.
RBS Chief Executive Ross McEwan said in a statement that this Settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term represents an important step in helping restore stability to the mortgage market and “resolving one of the most significant legacy matters”.
RBS issued a statement saying the settlement was expected to reduce its third-quarter income and it will record a charge of 151 million pounds in next month's result related to the fine.