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Credit Suisse Group AG Announces Settlement With SEC Related To Mortgage Business


Monday, 19 Nov 2012 04:15am EST 

Credit Suisse Group AG announced that it has reached a settlement with the United States Securities and Exchange Commission (SEC) that resolves investigations relating to residential mortgage-backed securities (RMBS) transactions. In a settled administrative proceeding filed today, the SEC charged Credit Suisse with engaging in negligent conduct but not in any intentional or reckless wrongdoing. Credit Suisse neither admits nor denies the SEC’s allegations. As part of the settlement, Credit Suisse has agreed to pay USD120 million which was recorded in the third quarter of 2012 as a litigation provision. resolves an investigation relating to Credit Suisse’s settlement of claims against mortgage originators involving loans that had been included in a number of Credit Suisse securitizations. It also resolves an investigation relating to Credit Suisse’s obligations to demand repurchase by mortgage originators with respect to certain delinquent loans in two 2006 securitizations. The SEC has advised that its investigation relating to Credit Suisse’s due diligence and corresponding disclosures on historic RMBS transactions will not be pursued. 

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