Most of the money paid by R.B.S. — $36 million — will be
used to help distressed borrowers throughout Nevada. In addition, R.B.S. agreed
to finance or purchase subprime loans in the future only if they comply with
state laws and are not deceptive.
The settlement between the bank and Catherine Cortez Masto,
Nevada’s attorney general, relates to conduct at Greenwich Capital, the R.B.S.
unit that bundled mortgages into securities and sold them to investors. Nevada
found that R.B.S. worked closely with Countrywide Financial and Option One, two
of the most aggressive lenders during the boom…..
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