Fannie Mae Reaches $591 Million Settlement/Repurchase Agreement with Wells Fargo

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Fannie Mae Reaches $591 Million Settlement/Repurchase Agreement with Wells Fargo

Fannie Mae Reaches $591 Million Settlement/Repurchase Agreement with Wells Fargo

December 30, 2013

Fannie Mae Reaches $591 Million Repurchase Agreement with Wells Fargo

Agreement Completes Reviews to Resolve Legacy Issues with Lenders

Keosha Burns

202-752-7840

WASHINGTON, DC – Fannie Mae (FNMA/OTC) has reached a $591 million agreement with Wells Fargo to resolve repurchase requests on certain loans originated prior to 2009.  After adjustments for prior repurchases, Wells Fargo will pay Fannie Mae $541 million in the fourth quarter of 2013 and be released from repurchase liability for these loans, with certain exceptions. 

“We have closed out our legacy repurchase reviews with this agreement with Wells Fargo,” said Timothy J. Mayopoulos, President and CEO of Fannie Mae.  “This agreement represents a fitting conclusion to our year of hard work to put legacy issues in the rear view mirror and begin 2014 focused on improving the future of housing finance.”

Wells Fargo will remain obligated for certain other contractual responsibilities under the resolution agreement.

In addition to its agreement with Wells Fargo, Fannie Mae has reached resolutions this year with a number of lenders on repurchase issues and other matters.  These agreements have been reached with eligible lenders of all sizes, including:

  • A $10.3 billion agreement announced in January 2013 with Bank of America including resolution of repurchase issues on certain loans, transfer of servicing rights on 941,000 loans, and repurchase of 30,000 loans by Bank of America. Additionally, the agreement included a $1.3 billion compensatory fee payment for servicing obligations.
  • A $968 million agreement announced in July 2013 with CitiMortgage to resolve repurchase issues on certain loans.
  • A $373 million agreement announced in October 2013 with SunTrust to resolve repurchase issues on certain loans.
  • A $670 million agreement announced in October 2013 with J.P. Morgan Chase to resolve repurchase issues on certain loans.
  • A $121.5 million agreement announced in November 2013 with Flagstar to resolve repurchase issues on certain loans.
  • A $140 million agreement with PNC reached in December 2013 to resolve repurchase issues on certain loans.
  • An $83 million agreement with HSBC Bank USA, N.A. reached in December 2013 to resolve repurchase issues on certain loans.

Fannie Mae disclosed in its most recent 10-Q filing that as of September 30, 2013, it had completed reviews on approximately 94 percent of the loans delivered from 2005-2008 for underwriting defects that would trigger potential repurchase requests and that the company expects to complete those reviews by the end of 2013.

Source: http://www.fanniemae.com

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One Response to “Fannie Mae Reaches $591 Million Settlement/Repurchase Agreement with Wells Fargo”

  1. Eugene Villarreal says:

    Wouldn’t it be a great idea to find loan(s) in these repurchases from GSEs that were not recorded(in the GSe’s name) to present as evidence showing the court that the GSEs require the Plaintiff(alleged Lender(Servicer)) not to file the GSE as the Plaintiff, under the color of FRAUD. This would be the icebreaker they need in Antartica to free the ship. Someone out there can break the ice.
    After reading “CitiMortgage, Inc. v. Rosenthal(2d Dept.2011),” the homeowner lost in the appellate court because she tried to introduce evidence, an assignment of mortgage to FannieMae that was made just after origination(?), which was too late.

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