Who wants to be a millionaire? To buy a modest home in some cities, you might have to be! In San Francisco and San Jose, one million dollars is the expected going rate. But if you travel,
Big Bank To Pay 885 Million In Mortgage Suit
Credit Suisse reached the agreement with the Federal Housing Finance Agency, which had sued the lender for allegedly misleading Fannie Mae and Freddie Mac about the quality of mortgage-backed securities sold between 2005 and 2007. The settlement resolved all claims in the lawsuit, as well as claims against Credit Suisse in a separate lawsuit filed primarily against Ally Financial, according to an FHA statement.
Under the terms of the settlement, Credit Suisse will pay about $234 million to Fannie Mae and about $651 million to Freddie Mac, the FHFA stated.
The FHFA filed lawsuits against 18 banks in 2011 alleging problems with their sales of mortgage-backed securities. The Credit Suisse agreement is the ninth settlement announced in relation to those suits, according to the FHFA. Lenders that have yet to settle with the agency include Bank of America and Goldman Sachs, according to a MarketWatch report.
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