{"id":6041,"date":"2016-09-28T17:23:15","date_gmt":"2016-09-28T22:23:15","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1099"},"modified":"2022-03-22T15:06:42","modified_gmt":"2022-03-22T20:06:42","slug":"rbs-will-pay-ncua-1-1b-mortgage-backed-securities-probe","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/rbs-will-pay-ncua-1-1b-mortgage-backed-securities-probe\/","title":{"rendered":"RBS Will Pay NCUA $1.1B in Mortgage-Backed Securities Probe"},"content":{"rendered":"
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Royal Bank of Scotland Group (RBS) will settle two civil residential mortgage-backed securities lawsuits for $1.1B.\u00a0 The payment will go to the National Credit Union Administration (NCUA) and resolves claims accusing the bank of selling faulty MBSs to two corporate credit unions, causing their failure.\u00a0 The federal actions were brought in California and Kansas, respectively.\u00a0This is one of the largest settlements reached in mortgage-backed securities cases brought against banks.<\/span><\/div>\n
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The allegedly toxic RMBSs were sold to Western Corporate Federal Credit Union and the Central Federal Credit Union.\u00a0<\/span>By settling, however, RBS is not admitting fault.<\/span><\/div>\n
\u00a0<\/span><\/div>\n
It was just last year that Royal Bank of Scotland agreed to pay $129.6M to NCUA to resolve claims over its sale of mortgage-backed securities to Members United Corporate Federal Credit Union and Southwest Corporate Federal Credit Union. Both are now defunct, too.\u00a0<\/span><\/div>\n
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Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Royal Bank of Scotland Group (RBS) will settle two civil residential mortgage-backed securities lawsuits for $1.1B.\u00a0 The payment will go to the National Credit Union Administration (NCUA) and resolves claims accusing the bank of selling faulty MBSs to two corporate credit unions, causing their failure.\u00a0 The federal actions were brought in California and Kansas, respectively.\u00a0This […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3757,4036],"tags":[3676,2789],"class_list":["post-6041","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-mortgagebacked-securities","category-royal-bank-of-scotland","tag-national-credit-union-administration","tag-ncua"],"yoast_head":"\nRBS Will Pay NCUA $1.1B in Mortgage-Backed Securities Probe — Investor 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