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Bank settles subprime loans case for $52m

More than 700 Massachusetts homeowners expected to benefit from deal

By Jenifer B. McKim
Globe Staff / November 29, 2011
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A subsidiary of the Royal Bank of Scotland will pay $52 million for its role in the state’s “subprime mortgage meltdown,’’ Attorney General Martha Coakley said today, in an agreement that will help more than 700 Massachusetts borrowers. RBS Financial Products Inc. agreed to the settlement following claims that it financed, bought, and bundled residential mortgage loans into securities that were “presumptively unfair” under state law, Coakley’s office said.

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