In 2012, Pres. Barack Obama appointed AG Eric Schneiderman to serve as co-chairman of the RMBS Working Group. Since then, he secured $3.9 billion in cash and consumer relief for New Yorkers impacted by residential mortgage crisis.
UBS is the seventh large financial services company to settle with the New York AG’s Office. Earlier this month, the Royal Bank of Scotland agreed to pay $500 million to resolve a similar investigation by the AG’s office
In a statement, AG Schneiderman said, “Years later, New Yorkers are still recovering from the housing crash…Today’s settlement marks another key step forward as New Yorkers rebuild their lives and communities.”
AG Schneiderman further stated that the dollars secured by his office helped fund critical housing programs across New York. The settlement with UBS means more funding for community development in the future.
