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RBS agrees to pay 5.5 billion dollars over US mortgage scandal

Europe
12.07.2017
By our dpa-correspondent and Europe Online    auf Facebook posten  Auf Twitter posten  
London (dpa) - The Royal Bank of Scotland on Wednesday agreed to pay 5.5 billion dollars to US authorities to settle a lawsuit over its role in the mortgage scandal that played a key role in the global financial crisis.

RBS said the bank and its subsidiaries had "reached a settlement with the Federal Housing Finance Agency (FHFA) as conservator of Fannie Mae and Freddie Mac."

It said the settlement will resolve claims by FHFA "in relation to RBS‘s issuance and underwriting" of US residential mortgage-backed securities valued at some 32 billion dollars from 2005 to 2007.                                  "Today‘s announcement is an important step forward in resolving one of the most significant legacy matters facing RBS and is further evidence of the determination of the bank‘s leadership to put our remaining issues behind us," Ross McEwan, RBS‘s chief executive, said in a statement to the London Stock Exchange.   "This settlement is a stark reminder of what happened to this bank before the financial crisis, and the heavy price paid for its pursuit of global ambitions," McEwan said.

The FHFA confirmed that the settlement had resolved its claims against RBS.

Under the terms of the settlement agreement, RBS will pay some 4.5 billion dollars to Freddie Mac and 975 million dollars to Fannie Mae, it said.

 

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