Bloomberg-

The federal conservator for Fannie Mae and Freddie Mac has decided that it’s fine for taxpayers to know how much UBS AG is paying to resolve claims that it ripped off the two government-backed housing financiers.

Unfortunately the same government agency still thinks the public has no business knowing anything about its settlements with General Electric Co. and Citigroup Inc. over the same sorts of allegations.

The Federal Housing Finance Agency late yesterday said it reached an $885 million settlement with Zurich-based UBS, one of 17 financial institutions it sued in 2011. The suit sought to recoup losses on $4.5 billion of securities that Fannie and Freddie bought from 2004 to 2007. Under the agreement, UBS will pay about $415 million to Fannie Mae and $470 million to Freddie Mac.

[BLOOMBERG]

Comments

comments