Skip to main content

RBS in $20M RMBS Settlement with Illinois

Jul 05, 2018
Anow, creator of software for real estate appraisal offices, has announced that it has forged a partnership with the National Association of Appraisers (NAA)

Royal Bank of Scotland (RBS) has agreed to a $20 million settlement with the State of Illinois in connection to the bank’s marketing and sale of risky residential mortgage-backed securities (RMBS) in the years before the 2008 recession.
 
The State will divide the settlement proceeds between the Teachers Retirement System of the State of Illinois, the State Universities Retirement System of Illinois and the Illinois State Board of Investment, which oversees the State Employees’ Retirement System. This is the eighth settlement that Illinois has secured with a major financial services entity connected to problematic RMBS sales in the previous decade.
 
“With this settlement, I have recovered over $475 million for Illinois pension systems and residents as a result of fraudulent conduct in the mortgage-backed securities market,” said Attorney General Lisa Madigan. “Nearly a decade after the economic crisis, I continue to recover critical funds for the state due to Wall Street’s misconduct.”

 
About the author
Published
Jul 05, 2018
A&D Mortgage Completes $427M Non-QM Securitization

Company says transaction highlights expansion in the Non-QM market, notes it expects to price more deals this year

May 19, 2025
These U.S. Metros Could Be First-Time Buyers' Best Chance To Close A Loan

Even among top 10 most affordable areas, home sale prices more than doubled in four, nearly doubled in another three since 2015

May 15, 2025
As HELOC Opportunities Grow, Angel Oak Completes Its First HELOC Securitization

$191M inaugural offering sees strong investor interest; company says it plans to package more HELOCs alongside Non-QM securitizations

May 15, 2025
DOJ Opens Criminal Investigation Into NY AG Letitia James Over Mortgage Fraud Claims

Investigation follows April referral by FHFA Director Bill Pulte; potential charges include wire, mail, and bank fraud

May 09, 2025
Origination Volume Up, But Rocket Sees GAAP Net Loss Of $212M For Q1 2025

Company highlights strength of strategic acquisitions, integrations, product innovations as it furthers its mortgage ecosystem

May 09, 2025
Guild Reports 35% YoY Originations Increase For Q1 2025 Amid Market Volatility

Company sees net loss of $23.9 million for quarter due to valuation adjustment on MSRs

May 08, 2025