FHFA says settlement reached with GE in mortgage lawsuit

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FHFA says settlement reached with GE in mortgage lawsuit

FHFA says settlement reached with GE in mortgage lawsuit

Reuters-

General Electric Co (GE.N) has agreed to settle a federal agency’s lawsuit accusing it of misleading Freddie Mac into buying $549 million of mortgage-backed securities, the Federal Housing Finance Agency said on Wednesday.

The settlement is the first to result from a series of lawsuits the FHFA filed against Wall Street banks in 2011 in its role as conservator for Fannie Mae and Freddie Mac.

Terms of the accord were not announced.

[REUTERS]

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