Royal Bank of Scotland Reaches $500 Million Settlement with New York Over Mortgage Securities

March 6, 2018  |  CNBC         Royal Bank of Scotland Group has reached a $500 million settlement with New York state to resolve claims over its sale of risky residential mortgage-backed securities that contributed to the 2008 global financial crisis.

New York Attorney General Eric Schneiderman on Tuesday said the accord includes a $100 million cash payment to the state, plus $400 million of consumer relief for homeowners and communities.

Schneiderman said RBS admitted to having sold investors residential mortgage-backed securities that did not meet underwriting guidelines, contrary to its representations, and did not comply with applicable laws and regulations.  Link to article here.