RBS to pay $42 mln over mortgage misrepresentation - MarketWatch
A unit of Royal Bank of Scotland Group
RBS
+1.13%
will pay a $42 million fine for its role in buying and securitizing
subprime mortgages issued by lenders who potentially deceived consumers
about the actual interest rate and payments on their loans, according to
a release issued Wednesday by the Nevada attorney general. The
statement said that the lenders, including Countrywide, now a unit of
Bank of America Corp.
BAC
+1.21%
, misrepresented loans they sold to Nevada consumers that were bought
and securitized by RBS Financial Products between 2004 and 2007. The
funds will be used to pay affected borrowers, help with mortgage fraud
enforcement and improve foreclosure prevention.
Get on board quick $42 million just isn't what it use to be...
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