Santander to pay $25.9 million to resolve subprime SECURITIZED auto loan probes

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Santander to pay $25.9 million to resolve subprime SECURITIZED auto loan probes

Santander to pay $25.9 million to resolve subprime SECURITIZED auto loan probes

Read the paragraph that says “It stressed that the settlement, which focused on how auto loans were originated, were not about securitizations, but said any such claims were released under the accords.”

Massachusetts Attorney General Healey negotiated the settlement – which she did a similar thing with housing.  Released the foreclosure mill attorneys and all the banks from liability over practices for small penalty.

Reuters-

Santander Consumer USA Holdings Inc (SC.N) has agreed to pay $25.9 million to resolve investigations by the attorneys general in Massachusetts and Delaware into its financing and securitization of sub-prime auto loans.

The settlements were announced on Wednesday and resolved allegations Santander facilitated unfair, high-rate auto loans for thousands of car buyers. The loans were then packaged into securities sold to investors.

The accords mark the first settlements in connection with U.S. investigations into subprime auto loan securitization, Massachusetts Attorney General Maura Healey said. The U.S. Justice Department has also been investigating the matter.

[REUTERS]

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