Swiss Bank Says it Will Fight Mortgage Securities Lawsuit From NY Attorney General

Swiss Bank Says it Will Fight Mortgage Securities Lawsuit From NY Attorney General. Mortgage Rate Forecast 2016-05-24

Swiss Bank Says it Will Fight Mortgage Securities Lawsuit From NY Attorney General video duration 1 Minute(s) 1 Second(s), published by TheStreet: Investing Strategies on 29 12 2014 - 17:17:00.

Credit Suisse is up against a $10 billion lawsuit from New York Attorney General Eric Schneiderman over its alleged role in the sale of fraudulent Royal Bank of Scotland Plc's securities unit will now exit its U.S
mortgage trading business after originally planning to shrink it by two-thirds
Exiting mortgage .

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Mortgage Backed Securities are now trading under $102.2.

Credit Suisse is up against a $10 billion lawsuit from New York Attorney General Eric Schneiderman over its alleged role in the sale of fraudulent mortgage-backed securities in the years leading up to the financial crisis, but says it will fight the case, according to a Reuters report. The investment bank said on Monday that it will fight the case. Other banks have been sued for fraud involving mortgage-backed securities, including JPMorgan Chase, which agreed to a $13 billion settlement with the Department of Justice last year. Some $613 million of that settlement went to New York State. Citigroup paid $7 billion in fines last summer and Bank of America paid almost $17 billion to federal and state authorities involving fraudulent mortgage back security sales back in August. Shares of Credit Suisse are trading down about 1.3% at $25.62 per share.

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