In a Mortgage-Crisis Settlement, Did a Bank Get Off Easy?

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In a Mortgage-Crisis Settlement, Did a Bank Get Off Easy?

In a Mortgage-Crisis Settlement, Did a Bank Get Off Easy?

NYT-

In January, prosecutors concluded one of the last multibillion-dollar settlements related to the 2008 mortgage collapse. The deal, with Credit Suisse, required the bank to pay $2.48 billion to settle allegations that its securities unit had misled buyers of home-loan bundles it had sold between 2005 and 2007.

Credit Suisse also agreed to provide $2.8 billion worth of financial relief to troubled borrowers under the settlement by forgiving or modifying mortgages and helping to finance affordable housing projects across the country.

When they announced the $5.28 billion deal, prosecutors cited it as evidence that the United States government can and will ride herd on large financial institutions if they engage in misconduct.

“Today’s settlement underscores that the Department of Justice will hold accountable the institutions responsible for the financial crisis of 2008,” said Loretta E. Lynch, the attorney general at the time.

[NEW YORK TIMES]

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