FHFA in $5.5B Settlement With RBS
July 12, 2017
The Federal Housing Finance Agency (FHFA) has reached a $5.5 billion agreement with Royal Bank of Scotland Group (RBS) that settles charges that the financial institution allegedly violated federal and state securities laws in connection with its private-label residential mortgage-backed securities trusts that were purchased by Fannie Mae and Freddie Mac between 2005 and 2007.
Under the terms of the agreement, RBS will pay approximately $4.525 billion to Freddie Mac and approximately $975 million to Fannie Mae, while certain claims against Royal Bank of Scotland related to the securities involved will be released. The bank is not required to offer an admission of guilt as part of this settlement.
The FHFA added that this case represents its 17th settlement against financial services companies in connection to alleged violations of various statutory provisions governing the mortgage finance industry.
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