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Credit Suisse settles Assured Guaranty mortgage lawsuit

Law360, New York (March 5, 2015, 8:43 PM EST) — A New York state judge on Thursday refused to revive a settled $1.8 billion residential mortgage-backed securities lawsuit against a Credit Suisse unit.

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Credit Suisse plans to fight $10 billion toxic mortgage lawsuit Credit Suisse books $80 million to settle RMBS litigation with MassMutual Jacob Gaffney is the Editor-in-Chief of HousingWire and.

What both MBIA and Assured Guaranty have experienced is 85% or worse of Credit Suisse’s mortgages breached representations and warranties, and the bank has refused to repurchase even one.

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Credit Suisse First Boston Mortgage Securities Corp., et al. Credit Suisse is pleased to have reached an amicable settlement with MassMutual that allows the bank to put this legacy matter behind it. Credit Suisse will take a pre-tax charge of approximately USD 79.5 million in addition to its existing reserves against this matter.

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Credit Suisse Settles Lawsuits. The note holders have accused the bank of raising money for the healthcare financial company, which went bankrupt in 2002. The settlement demands $400 million from Credit Suisse. The lawsuit settlement will slash Credit Suisse’s fourth-quarter net profit by 134 million Swiss francs ($141 million).

The lawsuit is similar to those filed by other bond guarantors including MBIA Inc and Assured Guaranty Ltd against such banks as JPMorgan Chase and Co and Bank of America Corp. Credit Suisse recently has become a target of government probes over mortgage-backed securities.

As stated in our lawsuit, Assured Guaranty has reviewed. and bankers for defective mortgage securitizations. In our own book as I stated, eight counterparties have recognized some level of.

Guaranty – Advanta Mortgage Holding Co., Advanta mortgage loan trust 1999-4 and Ambac Assurance Corp. (Nov 17, Joint and Several Guaranty – Smithfield Foods Inc. (Oct 27, 1999) Guaranty Agreement – Credit Suisse First Boston, Micron PC Web Services Inc., NETLimited Inc., d/b/a HostPro, Micron Internet Services Inc. and SpecTek LLC (Sep 30.

A Credit Suisse AG unit on Monday asked a New York judge to “disregard” an attempt at disrupting its recent settlement with Assured Guaranty Corp. over soured residential mortgage-backed securities,

 · credit suisse group was ordered to face a $10 billion lawsuit by New York s attorney general accusing the Swiss bank of fraud in the sales of mortgage-backed securities before the.

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$333 million on a Credit Suisse-sponsored transaction, and $76 million on a Morgan Stanley-sponsored transaction. Bank of America was a leader in opposing R&W claims. The settlement with Assured.