Sunday, Oct 04th

Last update06:07:08 AM GMT

You are here News Of Special Interest Wells Fargo agrees to $541 million loan settlement

Wells Fargo agrees to $541 million loan settlement

E-mail Print PDF

wells fargoWells Fargo & Co will pay a net $541 million to Fannie Mae to settle claims over defective home loans, completing the government-controlled mortgage company's efforts to have banks buy back troubled loans made before the financial crisis.

Fannie Mae said on Monday it has reached settlements worth roughly $6.5 billion over loan buybacks with eight banks, including Wells Fargo, the nation's largest mortgage lender and fourth-largest bank by assets.

The settlements include a $3.6 billion accord in January with Bank of America Corp over loans from that bank and the former Countrywide Financial Corp. Fannie Mae Chief Executive Timothy Mayopoulos was once general counsel at Bank of America.

It also includes a $968 million accord in July with Citigroup Inc.

In the Wells Fargo settlement, the San Francisco-based bank will pay Fannie Mae $541 million in cash after adjusting for credits from prior repurchases. Before adjustments, the settlement totaled $591 million.


Most Recent Related Stories...

Missouri governor commutes sentence for condemned man

Missouri governmor commutes death senteceMissouri Gov. Jay Nixon on Friday spared the life of a death row inmate four days...

Snowden draws crowd with Twitter debut

Snowden on twitterEdward Snowden has come in from the cold - on Twitter.Snowden, a former National Security Agency...

NHTSA: Fiat-Chrysler under reported deaths and injuries in automobiles

Fiat-ChryslerFiat Chrysler Automobiles (FCA)  faces allegations from safety regulators at The National Highway Traffic Safety Administration...

VW staff, supplier warned of emissions test cheating years ago: reports

VW staff warned of test cheatingVolkswagen's own staff and one of its suppliers warned years ago about software designed to thwart...
America's # 1 Enemy
Tee Shirt
& Help Support!
TVNL Tee Shirt
Conserve our Planet
& Help Support!
Get your 9/11 & Media
Deception Dollars
& Help Support!
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!