FHFA Announces $110 Million Settlement With First Horizon National

Apr 30, 2014

The Federal Housing Finance Agency (FHFA), as conservator of Fannie Mae and Freddie Mac, has 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 (MBS) 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. First Horizon CEO Bryan Jordan called the settlement with FHFA "another big step forward" in First Horizon's ongoing efforts to unwind from its former mortgage businesses.

About the author

NationalMortgageProfessional.com

Link copied

Published

Apr 30, 2014

Tech

ServiceLink Enhances Its Digital Closing Solution

EXOS Close allows lenders and borrowers to choose ‘when, where, and how’ they close

Digital mortgage services provider, ServiceLink, announced enhancements to its EXOS Close technology designed to provide more flexibility for lenders and borrowers using the technology to schedule their closings. Enhancements include new options for online and in-branch c...

Analysis and Data

Moody’s Downgrades Fannie And Freddie Following U.S. Sovereign Credit Cut

Outlooks for both GSEs revised from negative to stable

Moody’s has downgraded the long-term senior unsecured debt ratings of Fannie Mae and Freddie Mac to Aa1 from Aaa, following its May 16 downgrade of the U.S. government. The outlooks for both agencies were revised from negative to stable, signaling no immediate expectation of...