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

Phil Hall

Link copied

Published

Jul 05, 2018

Industry News

More Questions Than Answers At Housing Finance Climate Summit

Government officials, housing leaders, and climate scientists meet to address climate change's escalating impact on housing.

At an invitation-only gathering of senior government housing officials, industry leaders, insurance experts, climate scientists, economists, investors, and data analysts last week, the prevailing attitude of “urgent but manageable” disguised the lack of quantifiable, actiona...

Analysis and Data

Luxury Home Prices Reach A Record High

Buyers living in the lap of luxury don't stress about mortgage rates, Redfin reports.

Although luxury homes haven’t necessarily become any more luxurious this year, home prices on those properties grew an average 8.7%, selling for a record $1,225,000 in the first quarter, according to a new Redfin report. However, prices of non-luxury homes rose at roughly ha...