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Volume 2014 - Number 7

February 21, 2014

RBS Settles MBS Suit for $275 Million; Judge Approves Lehman Settlement With Freddie

In what’s claimed to be the third-largest settlement of a class-action suit by investors in non-agency MBS, Royal Bank of Scotland agreed to pay $275 million in cash. Investors led by the New Jersey Carpenters Vacation Fund claimed that RBS did not disclose that loans included in Harborview MBS that it sold failed to meet the deals’ underwriting guidelines. The settlement is awaiting approval by U.S. District Judge Harold Baer in U.S. District Court for the Southern District of New York. Separately, the remains of Lehman Brothers settled...

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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.

 

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