Wells Fargo to pay Freddie Mac $780 million to settle mortgage claims

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Wells Fargo to pay Freddie Mac $780 million to settle mortgage claims

Wells Fargo to pay Freddie Mac $780 million to settle mortgage claims

Reuters-

Wells Fargo & Co said on Monday it will pay $780 million in cash to Freddie Mac to resolve substantially all repurchase liabilities on home loans sold to the government-controlled mortgage company prior to 2009.

The largest U.S. mortgage lender said the settlement was reached on September 27 and totaled $869 million before adjusting for credits related to prior loan repurchases.

Wells Fargo announced the settlement five days after Citigroup Inc agreed to pay Freddie Mac $395 million to settle similar claims over roughly 3.7 million mortgages sold from 2000 to 2012.

[REUTERS]

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One Response to “Wells Fargo to pay Freddie Mac $780 million to settle mortgage claims”

  1. Charles Reed says:

    The count down to when Wells Fargo does the perk drive out front of the Dept of Justice with a bag full of money buying their way out of this mess as with JPMorgan or do they want to kept case after case be drag in and out of court!

    Ginnie Mae fraud alone is over $1 billion with the treble damage I figure for Wells.

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