Following word earlier this year that the Federal Housing Finance Agency (FHFA) would seek more aggressive action regarding the dealing that caused the financial crisis, Credit Suisse announced that it has it agreed to pay $885 million to settle probes into shaky mortgage-backed securities it sold leading up to the financial crisis. The banked released a statement with the financial details of the settlement on Mar. 21.
With this news, Credit Suisse will join the virtual who’s-who of big banks that have agreed to shell out in response to government pressure involving mortgage investments. The FHFA sued a number of large banks in 2011 for over $200 billion in mortgage securities.