Tag Archives: Societe Generale

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.

Societe Generale reportedly quitting U.S. mortgage bond business

Societe Generale is reportedly “pulling back” on its U.S. mortgage-bond trading business, according to an article from Bloomberg.

From the Bloomberg report:

The French bank is instructing traders of U.S. government-backed mortgage bonds to stop buying the securities, said the people, who asked not to be identified because the matter is private. The directive comes as senior executives at the lender discuss scaling back from the $5.4 trillion market, the people said.

Source: Bloomberg