BOSTON ? The Massachusetts attorney general's office has announced that a subsidiary of the Royal Bank of Scotland has agreed to pay $52 million to settle allegations that it played a role in the state's subprime mortgage crisis.
The office announced Monday that more than $40 million of the settlement will be used to benefit more than 700 Massachusetts borrowers.
RBS Financial Products agreed to the payment after the state determined the company "financed, purchased and securitized residential loans that were presumptively unfair."
The agreement with RBS is the state's third settlement with investment firms over how they sold and packaged home loans. Goldman Sachs agreed to pay $60 million in May 2009 and Morgan Stanley agreed to pay $102 million in June 2010.
RBS said it was pleased with the agreement.
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