Statement From New York Attorney General Schneiderman On Acting New Jersey Attorney General’s Lawsuit Against Credit Suisse

The following statement can be attributed to Attorney General Eric T. Schneiderman in response to Acting New Jersey Attorney General John J. Hoffman’s lawsuit against Credit Suisse over residential mortgage-backed securities.

“Since the crash of the housing market, there has been far too little accountability for the misconduct and fraud that caused so much suffering across our nation. I applaud Attorney General Hoffman for taking action against Credit Suisse. Its misrepresentations in connection with its mortgage backed securities inflated the housing bubble and contributed to the downfall of the American economy — the same conduct for which JP Morgan was held accountable last month by my office and federal regulators. I hope and believe that this lawsuit is a sign of tougher action ahead against those who caused the Great Recession.”