Royal Bank of Scotland sets aside $4 billion for U.S. mortgage mis-selling cases

Royal Bank of Scotland has taken a 3.1 billion pound ($3.92 billion) provision as it prepares to settle claims in the United States that it mis-sold toxic mortgage-backed securities in the run up to the 2008 financial crisis. Here is Royal Bank of Scotland’s statement ; “Subject to any increase being required by intervening developments, …

Credit Suisse reaches final settlement with the U.S. Department of Justice

Credit Suisse announced  that it has reached a final settlement with the U.S. Department of Justice (DOJ) related to its legacy Residential Mortgage-Backed Securities (RMBS) business – a business conducted through 2007. As previously announced on December 23, 2016, the settlement releases Credit Suisse from potential civil claims by the DOJ related to its securitization, …

Deutsche Bank shock in Europe, U.S wants $14 billion to pay over toxic mortgages

The U.S. Department of Justice is asking Deutsche Bank to pay $14 billion to settle an investigation into mortgage-backed securities and related securitization activities between 2005 and 2007.The bank’s US-listed shares fell nearly 7% in early trading. The sale of residential mortgage-backed securities played a significant role in the 2008 financial crisis.Deutsche Bank has no …

Goldman Sachs to pay $5 billion in settlement over risky mortgages

The Justice Department of U.S on Monday announced a $5.06 billion settlement with Goldman Sachs related to Goldman’s conduct in the packaging, securitization, marketing, sale and issuance of residential mortgage-backed securities (RMBS) between 2005 and 2007. The resolution announced on Monday requires Goldman to pay $2.385 billion in a civil penalty under the Financial Institutions …