Credit Suisse relief plan could downsize RMBS settlement amount

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Under the settlement, Credit Suisse earns "credit" toward its $2.8 billion obligation by providing the types of consumer relief listed in the settlement. Credit Suisse can earn more "credit" for some types of consumer relief than others. As a result, Credit Suisse will ultimately be able to meet its $2.8 billion obligation by spending less than $2.8 billion. Under the settlement, Credit Suisse may provide the following types of consumer relief: Loan modifications for homeowners.

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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 relief plan could downsize RMBS settlement amount Credit Suisse’s plan for consumer relief in a multibillion-dollar Department of Justice settlement related to residential mortgage-backed securities could reduce the costs involved, according to the settlement monitor’s first report.

Credit Suisse must provide consumer relief to homeowners who are struggling to make their mortgage payments or who owe more than their homes are worth. Credit Suisse will be providing assistance to communities affected by the housing crisis by funding affordable housing developments around the country.

Credit Suisse Settles New York State RMBS Lawsuit More FILE PHOTO: The logo of of Swiss bank Credit Suisse is seen at an office building in Zurich’s Oerlikon suburb, Switzerland July 27, 2017.

Amount, and Credit Suisse’s agreement, by executing this Agreement, to satisfy the terms of Annex 2, as referenced in Paragraph 2 ("Consumer Relief’) and Paragraph 4 ("Cooperation"), the United States fully and finally releases credit suisse, each of its current and former

NYC Council approves Midtown rezoning, paving way for new towers The New York City Council approved the rezoning of 59 blocks of the Inwood neighborhood. The controversial decision includes a plan to spend $200 million on affordable housing, a library, and green space in the northern Manhattan neighborhood.

Credit Suisse relief plan could downsize RMBS settlement amount "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.