Federal Housing Finance Agency Print
Home / Media / FHFA Announces $885 Million Settlement With Credit Suisse
News Release

FHFA Announces $885 Million Settlement With Credit Suisse

FOR IMMEDIATE RELEASE
3/21/2014

Washington, D.C. – The Federal Housing Finance Agency (FHFA), as conservator of Fannie Mae and Freddie Mac, today announced it has reached a settlement with Credit Suisse, related companies and specifically named individuals for $885 million. The settlement resolves all claims in the lawsuit FHFA v. Credit Suisse, et al. as well as all claims against the Credit Suisse defendant in FHFA v. Ally Financial Inc., et al. alleging violations of federal and state securities laws in connection with private-label mortgage-backed securities (PLS) purchased by Fannie Mae and Freddie Mac during 2005-2007.

Under the terms of the agreement, Credit Suisse will pay approximately $234 million to Fannie Mae and approximately $651 million to Freddie Mac and certain claims against Credit Suisse related to the securities involved will be released. This is the ninth settlement FHFA has announced in relation to the 18 PLS lawsuits the agency filed in 2011.

Settlement agreement follows (confidential exhibit omitted).

Attachments:

###

The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.5 trillion in funding for the U.S. mortgage markets and financial institutions.

Contacts:

​Stefanie Johnson (202) 649-3030 / Corinne Russell (202) 649-3032

© 2019 Federal Housing Finance Agency