Barclays to pay $36.1 million in Massachusetts subprime settlement

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Barclays to pay $36.1 million in Massachusetts subprime settlement

Barclays to pay $36.1 million in Massachusetts subprime settlement

Reuters-

Barclays Plc agreed on Monday to pay $36.1 million to settle charges by Massachusetts that it hurt homeowners there by packaging subprime mortgages that the borrowers could not afford, and which violated state law, into securities.

The British bank is the fourth big bank to settle probes by Massachusetts into securitization practices, according to state Attorney General Martha Coakley, who announced the settlement.

Earlier settlements included $60 million by Goldman Sachs Group Inc in May 2009, $102 million by Morgan Stanley in June 2010 and $52 million by Royal Bank of Scotland Group Plc in November 2011, Coakley said.

[REUTERS]

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