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RBS Looking at $7Bn Fine Over 2008 Toxic MBS Sales
As we approach the 10-year anniversary of the 2008 credit crisis, it appears that Royal Bank of Scotland is nearing a huge settlement with U.S. and U.K. regulators over sales of toxic mortgage-backed securities. While RBS has set aside around $3.3 billion for the settlement, it’s possible that the settlement could exceed $7 billion, or £5 billion. THAT’S A LOT OF RED INK!
An RBS settlement would mean that Barclays is the last big bank that has not settled with government regulators over toxic mortgage-backed securities originating from the 2008 credit crisis - if I recall correctly. In December 2016, the U.S. Justice Department broke off settlement negotiations with Barclays with the 2 sides about $2 billion apart. The DOJ reportingly is seeking $4 billion in fines, while Barclays is willing to pay between $1 billion and $2 billion. Any settlement is hugely meaningful to Jess Staley, Barclays CEO.
