Loans and Finance

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Friday, July 16, 2010

Windfall For RBS

RBS, the "people's bank", will collect a nice little windfall as result of the decision by Goldman Sachs to take a $550M hit to settle civil fraud charges over how it marketed the sub prime mortgage product.

RBS is due to pick up $100M from this, because marketing materials for the Abacus 2007-ACI transaction allegedly contained incomplete information. RBS lost $841M from the deal with Goldman.

However, rumours abound that RBS may sue Goldman for the remaining loss.

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