Credit Suisse has finally settled its final payment concerning the mortgage-backed securities (MBS) business that had a finger in the great financial crisis of 20o8. In an official press release issued this Monday, the company announced that it has finalized the last settlement. Credit Suisse is one of the biggest banks in the world and one of the leading financial services company around.
The settlement terms reveal that in connection to past and potential future Residential Mortgage Backed Securities (RBMS) businesses, the bank’s own mortgage sector, the Swiss entity had to pay $495 million. Currently the RBMS is worth some $10 billion.
An official press release by the global bank revealed that the organization is happy to have finally resolved the settlement that its RMBS business was involved with. Credit Suisse says that marks a new step for the firm, as a new dawn for the bank’s “efforts to pro-actively resolve litigation and legacy issues.”
In connection to the RMBS, this isn’t the first time that the bank has to pay a large amount in settlement. Back in the beginning of 2017, Credit Swiss, as decreed by the Justice Department of the United States, was to pay a $5.28 billion settlement connected with marketing, sales, securitization, and issuance activities of mortgage-backed products between the crucial years before the crisis.
