Credit Suisse relief plan could downsize RMBS settlement amount

June 15, 2015 download PDF Last Thursday, the New York Court of Appeals issued an important opinion, ACE Securities Corp.v. DB Structured Products, Inc., 2015 WL 3616244 (N.Y. June 11, 2015), explaining when the applicable six-year statute of limitations begins to run for breach of contract claims related to residential mortgage-backed securities ("RMBS").

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In 2013 and 2014, the Attorney General obtained broad-ranging settlements from three major banks (Bank of America, Citibank, and JPMorgan Chase) related to the packaging, marketing, sale, and issuance of residential mortgage backed securities (rmbs).

This website has been established to provide general information related to the proposed settlement of the case referred to as Credit Suisse First Payment Default Practice Fair Fund.

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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 less than $2.8 billion. Under the settlement, Credit Suisse may provide the following types of consumer relief: Loan modifications for homeowners.

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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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of the packaging, marketing, sale and issuance of residential mortgage-backed securities by Chase, The Bear Stearns Companies, Inc. (Bear Stearns) and Washington Mutual Bank (Washington Mutual) prior to January 1, 2009. Together, these agreements are referred to as the Chase RMBS Settlement (Chase RMBS Settlement).