Frequently Asked Questions

If you are a borrower with questions, jump to the homeowners’ section. For all other questions about the settlement and the Monitor, just scroll down.

Can I get access to all the details of the Settlement Agreement?

Yes. You can review the text of the Settlement Agreement by clicking the links below.

Settlement Agreement
Annex 1 — Statement of Facts
Annex 2 — Consumer Relief
Annex 3 — RMBS Covered by the Settlement

How long does Credit Suisse have to provide the required consumer relief?

Under the settlement, Credit Suisse agreed to provide the required consumer relief by December 31, 2021. However, Credit Suisse has indicated that it does not expect to meet that deadline, and anticipates that its loan modification relief efforts pursuant to the Settlement Agreement will likely continue for at least five more years.

What is the Settlement Agreement about?

The Settlement Agreement is the deal reached between the U.S. Department of Justice and Credit Suisse in January of 2017 to resolve claims related to Credit Suisse’s creation and sale of residential mortgage-backed securities.

If you’d like to read the Department of Justice’s announcement of the agreement, click here.

What does the agreement require Credit Suisse to do?

Credit Suisse must provide $2.8 billion in consumer relief, in addition to the civil penalty of $2.48 billion it has already paid. Unlike the civil penalty that Credit Suisse simply pays out, Credit Suisse need not spend $2.8 billion to meet its consumer relief obligation. Under the settlement, Credit Suisse earns “credit” toward its $2.8 billion obligation by providing the types of consumer relief listed in the settlement. Credit Suisse can earn more “credit” for some types of consumer relief than others. As a result, Credit Suisse will ultimately be able to meet its $2.8 billion obligation by spending less than $2.8 billion.

Under the settlement, Credit Suisse may provide the following types of consumer relief:

  • Loan modifications for homeowners having trouble making their mortgage payments

  • Loan extinguishments for borrowers with second or more junior mortgages

  • Funding for affordable housing developments

Who is the Monitor?

The Monitor for the Settlement Agreement is Neil M. Barofsky. He is a partner at the law firm
Jenner & Block LLP. He previously served as a federal prosecutor and as the Presidentially-appointed first special inspector general of the $700 billion Troubled Asset Relief Program.

What is the Monitor’s job?

The Monitor’s role is to oversee Credit Suisse’s obligation to provide $2.8 billion in consumer relief. His job is to write public reports on Credit Suisse’s consumer relief effort, validate the credits earned by Credit Suisse, and ultimately certify whether Credit Suisse has fulfilled its end of the Settlement Agreement.

The Monitor does not represent any of the parties to the Settlement Agreement. Neither Credit Suisse nor the Department of Justice may control or direct the Monitor’s work.

The Monitor does not have the authority to intervene in individual cases and cannot provide legal or tax advice to individual homeowners or organizations.

You can contact the Monitor by emailing

To view the press release on the Monitor’s first report, click here.