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RBS Markets Mansions to Salvage $47 Billion of Loans: Mortgages

Less than a mile from Buckingham Palace in London, among a row of 19th century luxury homes, Royal Bank of Scotland Group Plc is seeking to recover some of the 30 billion pounds ($47 billion) of commercial property loans it got stuck with when borrowers defaulted.

RBS, Britain’s largest publicly held lender following its 2008 bailout, is midway through selling 15 residences on Grosvenor Crescent, three years after seizing the properties from an insolvent developer and taking on the unfinished project. RBS, which is offering one apartment for 45 million pounds, is confident it can recover 140 million pounds.