Credit Suisse relief plan could downsize RMBS settlement amount

A.G. Schneiderman Sues Credit Suisse For Fraudulent. – NEW YORK – Attorney General Eric T. Schneiderman today filed a Martin Act complaint against Credit Suisse Securities (USA) LLC and its affiliates for making fraudulent misrepresentations and omissions to promote the sale of residential mortgage-backed securities (RMBS) to investors.

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"Credit Suisse made false and irresponsible representations about residential mortgage-backed securities, which resulted in the loss of billions of dollars of wealth and took a painful toll on the lives of ordinary Americans. Under the terms of this settlement, Credit Suisse will pay $2.48 billion as a fine for its conduct.

Credit Suisse Mortgage Settlement Please see the following pages for information in English, Spanish, Chinese, Tagalog, Vietnamese, and Korean. Consumer Relief Available Under the Settlement Agreement Between the United States Department of Justice and Credit Suisse Securities (USA) LLC.

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From 2005 to 2010, Credit Suisse frequently negotiated bulk settlements with loan originators in lieu of a buy-back of loans that were owned by the rmbs trusts. credit suisse kept the bulk settlement proceeds for itself and failed to disclose the practice to investors who owned the loans.

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Credit Suisse announced today that it has reached a final settlement with the U.S. Department of Justice (DOJ) related to its legacy Residential Mortgage-Backed Securities (RMBS) business – a business conducted through 2007.

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In 2013 and 2014, the Attorney general obtained broad-ranging settlements from three major banks (Bank of America, Citibank, and JPMorgan Chase) related to the packaging, marketing, sale, and issuance of residential mortgage backed securities (RMBS).

 · Monitor Releases First Report on Credit Suisse’s Plan to Earn $2.8 Billion in Consumer Relief Credit Under DOJ RMBS Settlement. As described in the report, Credit Suisse currently plans to earn credit under the settlement by modifying residential mortgage loans through principal forgiveness.

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