Credit Suisse relief plan could downsize RMBS settlement amount

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Credit Suisse’s plan to fulfill the consumer relief portion of its multibillion-dollar residential mortgage-backed securities settlement with the Department of Justice could cost it less than the face 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.

 · Monitor Releases First Report On Credit Suisse’s Plan To Earn $2.8 Billion In Consumer Relief Credit Under DOJ RMBS Settlement. (meaning that a portion of the amount.

Credit Suisse announced today that it has reached a final settlement with the U.S. Department of Justice (DOJ) related to its legacy residential mortgage-backed securities (RMBS) business – a business conducted through 2007.

I. Payment. JPMorgan shall pay a total amount of$9,000,000,000.00 to resolve pending and potential legal claims in connection with the packaging, marketing, sale and issuance of RMBS by JPMorgan, Bear Stearns and Washington Mutual ("Settlement Amount"). As set out below, $2 billion of that amount will be deposited in the United States

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There are potential conflicts of interest in our relationship with our Manager and BAM, which could result in decisions that are not. and actively manage mortgage-related assets that have credit.

The report details credit suisse’s plan to fulfill its obligation pursuant to the terms of the settlement to earn $2.8 billion in consumer relief credit by modifying home mortgage loans and.

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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. RMBS Bonnie Sinnock October 30, 2017

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