Virginia reaches $63 million settlement with 11 banks for RMBS fraud: The Commonwealth of Virginia announced Friday that it reached a “record” settlement with 11 banks over allegations that the banks defrauded the state’s retirement system by allegedly misrepresenting the quality of residential #mortgage-backed securities in the run-up to the financial crisis. http://www.housingwire.com/articles/36091-virginia-reaches-63-million-settlement-with-11-banks-for-rmbs-fraud ❤️ #share #mortgage
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