Daily News: March 24, 2014

Credit Suisse Reaches $885MM Mortgage Settlement

Credit Suisse announced that it entered into an agreement with the Federal Housing Finance Agency (FHFA), as conservator for Fannie Mae and Freddie Mac, which will settle claims pending in the U.S. District Court for the Southern District of New York related to the sale of approximately $16.6 billion of residential mortgage-backed securities between 2005 and 2007.

Under the terms of the agreement, Credit Suisse said it will pay $885 million to resolve all claims in two pending securities lawsuits filed by FHFA against the bank.