Tags: Wells Fargo | Fannie Mae | mortgage | claims

Wells Fargo to Pay Fannie Mae $591 Million to Settle Mortgage Claims

Monday, 30 Dec 2013 10:01 AM

Wells Fargo & Co., the fourth-largest U.S. bank by assets, said it would pay $591 million to Fannie Mae to substantially settle all repurchase liabilities related to loans sold to the government-controlled mortgage company before Jan. 1, 2009.

Fannie Mae will receive about $541 million in cash after adjusting for credits related to certain prior repurchases, the San Francisco-based bank said.

The cost of the agreement has been fully accrued for as of Sept. 30, Wells Fargo said.

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Wells Fargo & Co., the fourth-largest U.S. bank by assets, said it would pay $591 million to Fannie Mae to substantially settle all repurchase liabilities related to loans sold to the government-controlled mortgage company before Jan. 1, 2009.
Wells Fargo,Fannie Mae,mortgage,claims
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2013-01-30
Monday, 30 Dec 2013 10:01 AM
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