A massive settlement reached by the Royal Bank of Scotland Group plc brings to more than $7 billion the amount the bank has paid in actions related to mortgage-backed securities.

Since 2014, RBS entities have agreed to MBS-related settlements with the state of Connecticut, Federal Housing Finance Agency, National Credit Union Administration and pension funds.

In all, those settlements have cost the European financial institution in excess of $1.6 billion.

Source: Mortgage Daily