RBS settles US claim for $5.5bn, but there is more pain to come

Royal Bank of Scotland has agreed a $5.5 billion (4.2 billion) settlement with the US Federal Housing Finance Agency (FHFA) for its role in underwriting around $32 billion (25 billion) in toxic residential mortgage-backed securities.

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Royal Bank of Scotland, RBS, said on Thursday it has agreed to pay US$4.9 billion to settle US claims that it misled investors who bought securities backed by risky mortgages in the run-up to the 2008 financial crisis.

Royal Bank of Scotland has agreed a 5.5 billion US dollar (4.2 billion) settlement over mis-selling claims in the US as it looks to move on from legacy woes.

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London, Jul 12 Britain’s bailed-out Royal Bank of Scotland agreed today to pay a US regulator USD 5.5 billion over its role in the subprime mortgage crisis more than a decade ago.

Shortage of cheaper houses stifles U.S. homes sales Shortage of cheaper houses stifles US homes sales WASHINGTON: US home sales fell for a second straight month in April, weighed down by a chronic shortage of more affordable houses, the latest sign the economy was slowing after a temporary boost from exports and an inventory overhang in the first quarter.

RBS is more problematic because of the insane. But we should never forget that buried under the rubbish tip there are perfectly good banking operations, including NatWest and Citizens in the US..

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Royal Bank of Scotland Group plc (LON:RBS) has agreed a US$5.5bn settlement with US regulators over the mis-selling of residential mortgage-backed securities. The bank’s chief executive, Ross.

However, new laws set to come into force on 1 October. partner at Hausfeld, ‘so there will be quite significant litigation here as well. It’s a combination of UK investors and other investors.

Royal Bank of Scotland said Thursday it has agreed to pay $4.9 billion to settle U.S. claims that it misled investors who bought securities backed by risky mortgages in the run up to the 2008.

RBS investors to settle 2008 legal claim The prospect of RBS former boss Fred Goodwin appearing in court recedes as a settlement draws close, Sky News learns. By Mark Kleinman, City Editor

RBS to pay $1.1bn to settle certain US mis-selling claims. The bank’s existing provisions totalled $3.8bn at the end of June. RBS shares have been hit recently after the DoJ slapped a $14bn penalty on Deutsche Bank for mis-selling mortgage-backed securities, sparking fears that the demand would cripple the German firm.