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RBS to Slash Jobs From its Mortgage Business

mortgageorb.com | May 28, 2014

Royal Bank of Scotland is reportedly planning to shrink its mortgage trading business by two-thirds over the next two years, due mainly to new rules set out by the U.S. Federal Reserve that require stronger capitalization for mortgage firms to protect against potential losses.

The bank will cut hundreds of jobs in the U.S., mostly in its non-agency mortgage business, but is expected to retain its securitization and agency mortgage business, the Financial Times reports.

The Federal Reserve in February adopted tight new rules for foreign banks - as per the Dodd-Frank Act - to shield U.S. taxpayers from bailouts. Foreign banks with $50 billion or more in U.S. assets are now required to set up an intermediate holding company subject to the same capital, risk management and liquidity standards as U.S. banks.

The cuts could result in the elimination of up to 400 jobs, according to a Reuters report. RBS’ U.S. business employs a total of about 2,400 people.


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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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