RBS CEO sees potential to settle major U.S. mortgage probe

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RBS CEO sees potential to settle major U.S. mortgage probe

RBS CEO sees potential to settle major U.S. mortgage probe

Reuters-

Royal Bank of Scotland (RBS.L) Chief Executive Ross McEwan said the bank is in talks to settle one of the two major U.S. investigations into allegations it mis-sold mortgage-backed securities that it needs to overcome before the British government can sell its shares in the bailed-out bank.

McEwan has been trying to clean up RBS’s balance sheet and end a string legal cases against the bank. This would open the way for the government to sell its more than 70 percent stake in RBS held since it had to step in with a more than 45 billion pound ($57.83 billion) bailout during the financial crisis.

The CEO said the bank could settle a multibillion-dollar lawsuit by the U.S. Federal Housing Finance Agency separately from an investigation by the Department of Justice (DOJ), which has stalled because of changes in the U.S. government since the election of President Donald Trump.

“They are quite separate … and we are in discussions with them and we are not in discussions with the DOJ other than them still seeking information,” McEwan told reporters at bank’s annual shareholder meeting in Edinburgh.

[REUTERS]

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