Skip to main content

RBS in $20M RMBS Settlement with Illinois

Phil Hall
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.”

Jul 05, 2018
Williston Financial Group, Doma Strike Deal

WFG is set to acquire Doma’s title operations, including operation centers in the Northern and Central California.

May 24, 2023
Mat Ishbia Takes A Charge At NBA Playoff Game

UWM CEO and majority owner of the Phoenix Suns involved in scuffle with Denver center Nikola Jokic

May 08, 2023
The Pitfalls Of Cash-Out Refinancing In A Rising Interest Rate Environment

Second-lien home equity loans are a far better way to take out cash

May 02, 2023
NEW YORK: How To Conquer - Not Fear - The Empire State

Roadblocks are many but payoff is worth it

May 01, 2023
RCN Capital Opens LA Office

Expansion marks lender's continued success.

Apr 26, 2023
Trigger Lead Legislation Renews Debate Over Consumer Choice

Borrowers can protect themselves from unsolicited lenders, but they could be doing themselves a disfavor

Apr 20, 2023