Wells Fargo and Fannie Mae Agree to $540 Million-Plus Repurchase Settlement

Dec 30, 2013

On the heels of an $8 million-plus settlement with Flagstar Banks, Fannie Mae has reached another agreement, this time with Wells Fargo & Company, that resolves substantially all repurchase liabilities related to loans sold to Fannie Mae that were originated prior to Jan. 1, 2009. The $591 million agreement was adjusted for credits related to certain prior repurchases, resulting in a one-time cash payment to Fannie Mae of approximately $541 million. At Sept. 30 2013, Wells Fargo had fully accrued for the cost of the agreement.

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Dec 30, 2013

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