RBS faces $13billion mortgage fine in the US, raising question marks over the government’s stake sale later this year
State-backed Royal Bank of Scotland may need to pay $13billion (£8.33billion) to settle claims it misled investors in mortgage-backed securities, according to documents filed in a US court.
Judge rules RBS and Nomura made false statements when they sold mortgage-backed securities to Fannie Mae and Freddie Mac
With sums ranging from $968m to $8.94bn, banking giants have paid out big money since the 2008 financial crisis
In a nearly $13 billion settlement with the US Justice Department in November 2013, JPMorganChase admitted that it, along with every other large US bank, had engaged in mortgage fraud as a routine business practice, sowing the seeds of the mortgage meltdown.
A High Court judge has overturned a house repossession order after declaring the lender bank misrepresented the facts in the case.
Gone are the days when you could have a quiet chat with your bank manager to restructure your loan repayments. Instead, banks treat the customer with disdain, making no mention whatsoever of the fact that the customer’s loan may well have been securitised.
One of Britain's biggest mortgage lenders has been handed a record £10.5 million in fines after exploiting more than 46,000 desperate homeowners.