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U.S. Bancorp Agrees to Resolve Repurchase Obligations

Dec 11, 2013

U.S. Bancorp has announced that it had entered into an agreement with Freddie Mac that resolves substantially all repurchase obligations related to representations and warranties made on loans sold to Freddie Mac between 2000 and 2008. After adjusting for credits related to prior repurchases, U.S. Bancorp will make a one-time $53 million cash payment to Freddie Mac. At Sept. 30, 2013, U.S. Bancorp had fully reserved for the cost of the agreement.
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Dec 11, 2013
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