The odds of seeing the Federal Housing Finance Agency go to trial this year in its litigation campaign against Wall Street got a lot slimmer on Friday, when Credit Suisse AG became the latest defendant to throw in the towel.
FHFA, which serves as conservator for Fannie Mae and Freddie Mac, announced in a press release that it has reached a $885 million settlement with Credit Suisse. The deal resolves a lawsuit in U.S. district court in Manhattan in which FHFA alleged that the bank misled Fannie and Freddie about home loans pooled into mortgage-backed securities that it sold them before the financial crisis.
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