Mealey's Banking & Finance - Banks To Pay $885M To Settle Mortgage-Backed Securities Claims, FHFA Says

WASHINGTON, D.C. - Credit Suisse Holdings (USA) Inc., certain related companies and others have agreed to pay $885 million to settle claims that they violated state and federal securities laws in their offer and sale of mortgage-backed securities that were purchased by Fannie Mae and Freddie Mac, according to a press release issued by the Federal Housing Finance Agency (FHFA) on March 21 (Federal Housing Finance Agency v. Credit Suisse Holdings [USA] Inc., et al., No. 11-6200, S.D. N.Y.; and Federal Housing Finance Agency, as Conservator for the Federal Home Loan Mortgage Corp. v. Ally Financial Inc., et al., No. 11-7010, S.D. N.Y.).

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