JPMorgan Chase and Credit Suisse have agreed to pay a combined $ 417 million to settle federal civil charges that they sold risky mortgage bonds to investors ahead of the 2008 financial crisis that the banks knew could fail.

JP Morgan did not warn investors that homeowners were behind on their payments for the mortgages tied to the bonds, The Securities and Exchange Commission said Friday. And both banks failed to properly disclose their practices that allowed them to profit while investors lost millions, the SEC said.