Barclays Reaches $36M Subprime Deal With Mass. AG

Law360, New York (September 9, 2013, 6:26 PM EDT) -- Barclays Bank PLC on Monday agreed to pay $36.1 million to settle claims that it backed, sold and securitized mortgages that it knew were risky and violated Massachusetts lending laws prior to the financial crisis, the state's top law enforcement official announced.

Massachusetts Attorney General Martha Coakley said that Barclays packaged loans from subprime lenders like Fremont General Corp. and New Century Financial Corp. from 2005 through 2007, the peak years of the housing crisis. Those loans violated state lending laws and abused borrowers in the...
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