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Wells Fargo settles mortgage claims with U.S. govt for under $1 bln -FT
Source: Reuters
Wells Fargo settles mortgage claims with U.S. govt for under $1 bln -FT
Thu Oct 31, 2013 7:34pm EDT
Oct 31 (Reuters) - Wells Fargo & Co, the fourth-largest U.S. bank, has settled claims with a U.S. government agency over bad mortgages the bank sold ahead of the financial crisis, the Financial Times reported on Thursday.
The San Francisco bank paid less than $1 billion to resolve claims from the Federal Housing Finance Agency, the overseer of government-backed mortgage enterprises Fannie Mae and Freddie Mac, the newspaper said, citing people familiar with the matter.
A Wells Fargo spokesman and the government agency declined to comment. The settlement was governed by a confidentiality agreement, the Financial Times said.
The bank said in a securities filing in the first quarter of 2013 that it had settled certain mortgage-backed securities claims with Fannie Mae out of previously established reserves, though it did not specify additional terms of the settlement.
Thu Oct 31, 2013 7:34pm EDT
Oct 31 (Reuters) - Wells Fargo & Co, the fourth-largest U.S. bank, has settled claims with a U.S. government agency over bad mortgages the bank sold ahead of the financial crisis, the Financial Times reported on Thursday.
The San Francisco bank paid less than $1 billion to resolve claims from the Federal Housing Finance Agency, the overseer of government-backed mortgage enterprises Fannie Mae and Freddie Mac, the newspaper said, citing people familiar with the matter.
A Wells Fargo spokesman and the government agency declined to comment. The settlement was governed by a confidentiality agreement, the Financial Times said.
The bank said in a securities filing in the first quarter of 2013 that it had settled certain mortgage-backed securities claims with Fannie Mae out of previously established reserves, though it did not specify additional terms of the settlement.
http://www.reuters.com/article/2013/10/31/wellsfargo-settlement-idUSL1N0IL2HB20131031
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