Elena Logutenkova and Jeffrey Vögeli, Credit Suisse to Pay $885 Million to Settle FHFA Lawsuits (Bloomberg 3/21/14), here.
Credit Suisse Group AG (CSGN), Switzerland’s second-biggest bank, agreed to pay $885 million to settle lawsuits by the Federal Housing Finance Agency over mortgages sold to Fannie Mae and Freddie Mac.
* * * *
Credit Suisse was among 18 lenders sued by the FHFA in 2011 to recoup losses on about $200 billion in mortgage-backed securities sold to the two government-sponsored companies before the financial crisis. Nine companies, including JPMorgan Chase & Co., Deutsche Bank AG and UBS AG (UBSN), have agreed to pay more than $9.2 billion to settle similar lawsuits by FHFA.
“It’s definitely good for Credit Suisse to have this thing out of the way,” said Guido Hoymann, a Frankfurt-based analyst with Bankhaus Metzler.
Chief Executive Officer Brady Dougan in February called mortgage-related litigation one of the bank’s two most important legal issues alongside the U.S. investigation into whether it helped Americans evade taxes. The company said yesterday the agreement with FHFA resolves the largest mortgage-related investor litigation.
Thanks for sharing this site, it is very informative for the business personals.Keep on continuing with this. I also provide this service plz visit my site Best Mortgage Lender Fort Lauderdale Federated Mortgage Services can match you with the best Florida mortgage financing programs from hundreds of lenders.
ReplyDelete.......Lipukhin, a Russian citizen and former lawful permanent U.S. resident.....
ReplyDeletegood luck with that indictment !
My interest in this barely extends beyond the fact that I effectively live in St. Charles (most schools, library and park district services, etc.) and the building mentioned was an old church converted into an on-and-off again, so-so restaurant in my opinion. I stopped there quite a while ago because they allowed cigar smoking, and I don't know its status these days. Shockingly good Dover Sole for the Midwest, though. Beyond that, I'd say it looks like a rational move to at least allow collection / asset forfeitures, figuring the defendant (and others like him and maybe the people who have renounced their citizenship) won't likely be back any time soon. I'd doubt this is some kind of stunt as I think UStax is suggesting, although I do find it interesting the indictment came out of Kansas City, instead of the Northern District of Illinois. I haven't read the indictment, however, so that's just my speculation.
ReplyDeleteThanks, Global Capitalism.
ReplyDeleteWhen and if this occurs, it will be a step in the right direction. I think most practitioners had anticipated some liberalization of the requirements and had anticipated that the dollar thresholds might be less rigid than most read the requirements before.
I think people should keep in mind that the streamlined program really is for the truly innocent taxpayers. Of course truly innocent taxpayers going through OVDP should get basically the same result. So, this process essentially short-circuits the expense and hassle of going through OVDP.
Jack Townsend
ChiTownTaxAttorney, sorry this comment got directed to the spam filter that I only check once a week. I just caught it and, of course, it is not spam, but a very good comment. Thanks, Jack
ReplyDeleteSods -----
ReplyDeleteLaw.
March.----
2014.
For almost two
decades we have strived to get justice for the injustice we have
suffered at the hands of a world renowned bank--- PICTET & CIE.
BANK.
Two yorkshiremen
both running their own small family businesses trying to resolve the
problem by taking all the correct legal procedures to recover their
monies.
The matter was
raised in Parliament – twice-- the FSA investigated the matter
concluding that PICTET had rogues operating in their London Bank ---
but the rogues had left ---saying no one left to prosecute.??? -----
so there.
We then
approached the Financial Ombudsman Service. (FOS) --- our case was
dealt with by seven different people ---- then our numerous E-Mails
were ignored --- nobody would speak to us -------so there.
We then asked the
SFO ( Serious Fraud Office.) to investigate our case ---- the
criteria of our case ticked all their boxes. --- we were instructed
not to send them
any
documents/evidence.------ in fact they wrote to us advising us to go
to the Citizen's Advice Bureau.(CAB.)
Richard Alderman
the SFO boss ---- who responded to our letter was the same man who
would not investigate the “ Madoff” scandal or the “Libor”
fiasco.
The MP's
committee ---- said he was sloppy--- and the SFO was run like “
Fred Karno's Circus” ----- it was an office of fraud.----- so
there.
Our M.P.
approached our local Chief Constable to investigate----- he was
called---- Sir Norman Bettison--- Chief Constable of West Yorkshire
Police ---- a force that made “ Dad's Army” look like the S.A.S.
They were inept – corrupt ---malicious --- from top to bottom. We
were criminally dealt with by the Forces Solicitor---- the Head of
the Economic Crime Unit ----and the Chief Constable ----- so there.
We were then
advised to pass our complaint against West Yorkshire Police to the
I.P.C.C. – which we did --- they advised us to make our complaint
to ---- the West Yorkshire Police --- we did with reluctance --- all
we got was abuse and obfuscation. ----- so there.
Sir Norman
Bettison ---- The Forces solicitor--- and the Head of the Economic
Crime ---- have all been removed from their posts and facing criminal
allegations.
------ so there.
We even sought
justice through the Courts --- culminating in a visit to the Court of
Appeal-London.--- On leaving the Courts of Appeal that day our
barrister a “rising star” informed us --- that if that was
Justice then you can keep it. He quit the law and moved to Canada
----- so there.
A few years later
we learned that one of the judges in our case at the Court of Appeal
was related to a senior executive of the Pictet Bank -----so there.
Pictet & Cie
.Bank --- voted private bank of the year 2013.
Ivan Pictet ----
Voted banker of the year 2012. ---- the senior partner --- lied on
numerous occasions and had documents destroyed --- also said genuine
documents were forgeries. ----- so there.
Ivan Pictet in
Oct. 2013 ---- Given the Legion of Honour --- but saying that ----
honours were given to Hitler --- Eichmann --- Mussolini ---Franco
--- he's in fitting company. ----so there.
MONTY
RAPHAEL.Q.C. -- Peters & Peters.London. They were the banks
lawyers.
Monty
Raphael.Q.C. along with Ivan Pictet withheld crucial documents
requested by the High Court ---- the FSA ---- and the police Fraud
Squad. ----so there.
Monty
Raphael.Q.C. became an Honorary Queens Counsellor in March. 2012.
Monty
Raphael.Q.C. became a Master of the Bench in Nov.2012.
An expert in
Fraud ---the Doyen of Fraud Lawyers. ----- so there.
This says a lot
about Banks --- the consensus of opinion is that they are highly paid
“crooks” ---- no wonder they voted Ivan Pictet banker of the
year.
It appears that
crimes in the “establishment.” are honoured by their peers.
“HONOURS
AMONG THIEVES.”
Full Story.----
“google or Yahoo ”
Insert.
Ivan
Pictet.Banker.
Monty
Raphael.Q.C.
Ivan Pictet/Monty
Raphael.
Anyone have a particular insight into why the streamlined program only allowed taxpayers who were delinquent from at least 2009 (as opposed to someone, for example, who was delinquent for a lower number of years). What was the policy behind that?
ReplyDeleteThe KGB had never been truly successful in tracking US citizens in Russia, but now, due to the US law FATCA, 2010 HR 2847, the Russians will be able to keep complete records upon US personas social security numbers, bank asset values, bank account info, addresses, and telephones.
ReplyDeleteThe USA has helped the KGB to accomplish in 2014 what the KGB has been trying to do for decades—to track the most sensitive personal information of US citizens!!! …
http://www.themoscowtimes.com/business/article/finance-ministry-wants-foreign-banks-to-help-russia-comply-with-fatca/498403.html