In 2007 a subsidiary of the Royal Bank of Scotland plc (NYSE: RBS), mislead investors regarding a subprime residential mortgage-backed security. A unit of the Royal Bank of Scotland (NYSE: RBS) agreed to pay more than $150 million in order to settle the civil charges.
The Royal Bank of Scotland has reached a $153.7 million settlement with the U.S. Securities and Exchange Commission over an investigation into its mortgage-backed securities.
According to the Securities and Exchange Commission the money it will collect from RBS Securities Inc (NASDAQ: RBS) would go toward compensating harmed investors. The bank agreed to settle with the SEC without admitting or denying the charges.
RBS to pay US fine over mortgage-backed securities – http://t.co/9JurpvG80y http://t.co/abtElD3nF3 via @FT #RBS #misselling #mortgages
In a S.E.C. complaint, it was stated that R.B.S. (NASDA: RBS) knew of problems with Option One’s underlying loans before the bank bought them. In its hasten act to close the deal, R.B.S. (NASDAQ: RBS) was not able to completely investigate the quality of the underlying mortgages.
Royal Bank Of Scotland The Mortgage Application Process Explained
Bank Finance.
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