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

In its 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. And on Friday, as most people focused on the inauguration of Donald Trump, the Obama administration announced one last settlement with a foreign bank for its pre-crisis activities – France’s Societe Generale.