Thursday`s deal refers to an investigation by 34 prosecutors general in several states into Santander`s subprime granting practices. Attorneys general say that by using sophisticated credit rating models to predict default risk, Santander knew that parts of its population had a high probability of default. Santander exposed these borrowers to unnecessarily high risk due to high borrowing rates, high back-end fees and high payment rates. The refund is handled by resolution manager Rust Consulting Inc. Consumers can find billing information on the administrator`s website. “Lending practices like this led to the 2008 financial crisis and harmed millions of people. The comparison also implies substantial relief from consumer debt. Overall, Santander has agreed to waive default balances for some defaulting consumers, with about US$433 million in immediate termination of loans still in Santander`s possession and other credit defaults that Santander no longer owns, but must try to redeem. . . .