Wells Fargo Said to Settle FHFA Claims for Less Than $1 Billion

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Wells Fargo Said to Settle FHFA Claims for Less Than $1 Billion

Wells Fargo Said to Settle FHFA Claims for Less Than $1 Billion

Bloomberg-

Wells Fargo & Co. (WFC) agreed to pay less than $1 billion to settle Federal Housing Finance Agency claims it sold faulty mortgage bonds to Fannie Mae and Freddie Mac, according to a person briefed on the deal.

The bank’s accord with the FHFA, which regulates the government-backed mortgage-finance firms, was subject to a confidentiality agreement, the person said, asking not to be named because of those terms. San Francisco-based Wells Fargo said in a May filing that it had settled Fannie Mae’s claims over mortgage bonds, and that the payment, which it didn’t specify, was covered by reserves.

[BLOOMBERG]

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2 Responses to “Wells Fargo Said to Settle FHFA Claims for Less Than $1 Billion”

  1. Sarah says:

    Petty fine. Borrowers and damage to society at large completely ignored. Well done!

  2. Charles Reed says:

    What about the Ginnie Mae fraud? All that right Ginnie Mae is in on the fraud!

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