FHFA Announces $110 Million Settlement with First Horizon National Corporation

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FHFA Announces $110 Million Settlement with First Horizon National Corporation

FHFA Announces $110 Million Settlement with First Horizon National Corporation

FOR IMMEDIATE RELEASE
4/29/2014

Washington, DC — The Federal Housing Finance Agency (FHFA), as conservator of Fannie Mae and Freddie Mac, today announced a settlement for $110 million with First Horizon National Corporation, related companies and specifically named individuals.  The settlement resolves claims in the lawsuit FHFA v. First Horizon National Corporation, et al. (S.D.N.Y.), alleging violations of federal and District of Columbia securities laws in connection with private-label mortgage-backed securities purchased by Fannie Mae and Freddie Mac during 2005-2007.   Pursuant to the agreement, First Horizon will pay $61.6 million to Fannie Mae and $48.4 million to Freddie Mac. 

This is the 14th settlement related to the 18 PLS lawsuits FHFA filed in 2011.  FHFA remains committed to satisfactory resolution of the remaining actions.

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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.6 trillion in funding for the U.S. mortgage markets and financial institutions.”

Contacts:

Stefanie Johnson (202) 649-3030 / Corinne Russell (202) 649-3032

source: http://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-$110-Million-Settlement-with-First-Horizon-National-Corporation.aspx

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