BOSTON, March 29 A unit of Banco Santander SA
has agreed to pay $22 million in connection with what the
attorney general in Massachusetts called a first-in-the-nation
settlement involving subprime auto loan securitization.
Santander Consumer USA Holdings Inc's settlement was
announced at a press conference in Boston by Massachusetts
Attorney General Maura Healey on Wednesday.
The accord marked the first settlement in United States in
connection with investigations into how financial institutions
packaged subprime auto loans into securities sold to investors.
The U.S. Justice Department has also been investigating.
(Reporting by Nate Raymond in Boston)