RBS Financial Agrees to $42M Nevada Settlement

By: Associated Press Email
By: Associated Press Email

CARSON CITY, Nev. (AP) - Attorney General Catherine Cortez Masto says the money will be used for payments to affected borrowers, as well as mortgage fraud enforcement and foreclosure prevention programs.

Masto says a two-year investigation focused on misrepresentations by lenders to Nevada consumers who took out subprime loans and adjustable rate mortgages that were bought and securitized by RBS between 2004 and 2007.

She says the probe involved whether lenders deceived borrowers about interest rates and payments, the appraised value of their property and potential payment shock when initial teaser rates on their mortgages expired.

Under the settlement, RBS neither admits nor denies wrongdoing.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
KOLO-TV 4850 Ampere Drive Reno, NV 89502
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 175775781 - kolotv.com/a?a=175775781
Gray Television, Inc.