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Institutional Buyers Aren’t the Culprits Behind the Housing Crisis

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file photo by Boyd Loving

the staff of the Ridgewood blog

Ridgewood NJ, the US housing market is currently tight, expensive, and losing momentum. However, contrary to popular belief, Wall Street is not to blame for this situation.

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Credit Suisse Reaches $495 Million Settlement to Resolve Allegations of Fraud and Deceit in Sale of Toxic Mortgage-Backed Securities that Fueled 2008 Financial Crisis

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the staff of the Ridgewood blog

Trenton  NJ, the Office of the Attorney General announced today that the New Jersey Bureau of Securities has reached a $495 million agreement in principle with Credit Suisse Securities (USA) LLC, Credit Suisse First Boston Mortgage Securities Corp., and DLJ Mortgage Capital, Inc. (collectively “Credit Suisse”) that would resolve a lawsuit arising from the offer and sale of toxic residential mortgage-backed securities (“RMBS”) from 2006 to 2007 in the run-up to the 2008 financial crisis. Once final, the deal will be one of New Jersey’s largest civil monetary recoveries in the state’s history, and will include, among other things, approximately $300 million in restitution for investors nationwide.

Continue reading Credit Suisse Reaches $495 Million Settlement to Resolve Allegations of Fraud and Deceit in Sale of Toxic Mortgage-Backed Securities that Fueled 2008 Financial Crisis