For Immediate Release
Contact: Stefanie Johnson (202) 649-3030
March 21, 2014
Corinne Russell (202) 649-3032
FHFA Announces $885 Million Settlement
With Credit Suisse
Washington, DC – 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).
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