Credit Suisse relief plan could downsize RMBS settlement amount

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 · Credit Suisse’s plan to fulfill the consumer relief portion of its multibillion-dollar residential mortgage-backed securities settlement with the Department of Justice could cost it less than the face settlement amount. The $5.2 billion settlement includes $2.8 billion in consumer relief credit that does not necessarily require a dollar match in spending, and it could allow Credit Suisse.

The report details Credit Suisse’s plan to fulfill its obligation pursuant to the terms of the settlement to earn $2.8 billion in consumer relief credit by modifying home mortgage loans and.

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).

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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.

of the packaging, marketing, sale and issuance of residential mortgage-backed securities by Chase, The Bear Stearns Companies, Inc. (Bear Stearns) and Washington Mutual Bank (Washington Mutual) prior to January 1, 2009. Together, these agreements are referred to as the Chase RMBS Settlement (Chase RMBS Settlement).

as independent Monitor for the Credit Suisse residential mortgage-backed securities, or "RMBS," settlement. The report details Credit Suisse’s plan to fulfill its obligation pursuant to the terms of the settlement to earn $2.8 billion in consumer relief credit by modifying home mortgage loans and providing funding for affordable housing.

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