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Societe Generale To Pay $122 Million To Resolve U.S. Mortgage Lawsuit

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February 27, 2014 AT 11:48 AM
Societe Generale has agreed to pay $122 million to settle a lawsuit by a U.S. regulator accusing the bank of misleading Fannie Mae and Freddie Mac in the purchase of mortgage-backed securities. The settlement, announced by the Federal Housing Finance Agency (FHFA) on Thursday, marked the eighth to date by the FHFA, which in 2011 filed 18 lawsuits over some $200 billion in mortgage-backed securities that were at the heart of the 2008 financial crisis.