Barclays agrees to pay $2 billion for selling toxic mortgages

Source: Renae Merle, Washington Post (Paid Registration)

Prosecutors say that between 2005 and 2007 Barclays sold investors packages of mortgages that were worth less than the bank claimed, costing the investors billions of dollars. More than half of the $31 billion in mortgage packages eventually defaulted, prosecutors said.

The Barclays settlement was smaller, in part, because it did not include a requirement that Barclays provide relief to consumers, a common feature in the previous deals, industry analysts said.

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