CREDIT SUISSE SECURITIES (USA)

On November 16, 2012 the United States Securities and Exchange Commission issued an Order instituting Cease-and-Desist Proceedings pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order ("Order") against Credit Suisse Securities (USA) LLC, DLJ Mortgage Capital, Inc., Credit Suisse First Boston Mortgage Acceptance Corp., Credit Suisse First Boston Mortgage Securities Corp., and Asset Backed Securities Corporation. The Order stated that in late 2006, Respondents underwrote two RMBS that were collateralized by approximately $1.9 billion of subprime mortgages. In connection with its efforts to market and sell the RMBS, the Respondents made misleading statements regarding a key investor protection known as the FPD covenant, which required the originators of the mortgage loans held by the securitization trusts ("Trusts") to repurchase certain delinquent loans or otherwise cure..

Also known as: Credit Suisse Securities (USA) LLC

Primary location: College Station United States