Societe Generale fined $50 million for pre-crisis RMBS fraud

As the Obama administration prepared to clean out its collective desks last week, the government announced that it wasn’t quite done dealing with with the events that led to the financial crisis.

In those last few days, the Obama administration announced multi-billion dollar settlements with two foreign banks, Deutsche Bank and Credit Suisse, for each bank’s mortgage securitization practices leading up to the housing crisis.

Read on.

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