JPMorgan, Credit Suisse Pay $417M To Shake RMBS Claims

Law360, New York (November 16, 2012, 5:02 PM EST) -- JPMorgan Securities LLC and Credit Suisse Securities USA agreed Friday to pay $417 million to settle regulators' claims over cash settlements they allegedly kept for themselves after receiving them from mortgage loan originators for soured loans that banks sold to residential mortgage-backed securities trusts.

The U.S. Securities and Exchange Commission targeted JPMorgan over cash settlements that its Bear Stearns unit kept after selling the problematic loans to the RMBS trusts. The proceeds allegedly amounted to some $138 million.

As part of the settlement, JPMorgan will pay...
To view the full article, register now.