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RBS to pay USD 5.5 bln to resolve major U.S. mortgage probe

12 July, 2017 2:57 PM
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RBS to pay USD 5.5 bln to resolve major U.S. mortgage probe

Royal Bank of Scotland will pay $5.5 billion to settle one of the two major U.S. investigations into allegations of it mis-selling mortgage-backed bonds.

Royal Bank of Scotland will pay USD 5.5 billion to settle one of the two major U.S. investigations into allegations it mis-sold mortgage-backed bonds that it needs to resolve before the government can sell its shares in the bailed-out bank.

The Edinburgh-based bank lender on Wednesday said it agreed to settle the lawsuit with the U.S. Federal Housing Finance Agency (FHFA) that accuses it of mis-selling USD 32 billion of mortgage-backed securities before the global financial crisis.

Analysts had previously estimated RBS would have to pay between USD 3.5 to USD 5 billion to settle the case with the FHFA.

Also read: ICICI Bank Q1 profit falls, but beats estimates

Source: moneycontrol.com

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