TV News LIES

Tuesday, Nov 21st

Last update05:20:13 AM GMT

You are here News Of Special Interest Wells Fargo agrees to $541 million loan settlement

Wells Fargo agrees to $541 million loan settlement

E-mail Print PDF

wells fargoWells Fargo & Co will pay a net $541 million to Fannie Mae to settle claims over defective home loans, completing the government-controlled mortgage company's efforts to have banks buy back troubled loans made before the financial crisis.

Fannie Mae said on Monday it has reached settlements worth roughly $6.5 billion over loan buybacks with eight banks, including Wells Fargo, the nation's largest mortgage lender and fourth-largest bank by assets.

The settlements include a $3.6 billion accord in January with Bank of America Corp over loans from that bank and the former Countrywide Financial Corp. Fannie Mae Chief Executive Timothy Mayopoulos was once general counsel at Bank of America.

It also includes a $968 million accord in July with Citigroup Inc.

In the Wells Fargo settlement, the San Francisco-based bank will pay Fannie Mae $541 million in cash after adjusting for credits from prior repurchases. Before adjustments, the settlement totaled $591 million.

More...


Most Recent Related Stories...


LeBron James Thinks Colin Kaepernick Is Being Blackballed by the NFL

LeBron James : Kaepernick blackballed by NFL LeBron James knows a thing or two about athletes, and as a former...

The Hidden History of Trump’s First Trip to Moscow

Trump's first trip to Moscow: the secret history...It was around this time that Donald Trump appears to have attracted the attention of Soviet...

Charles Manson, leader of murderous '60s cult, dead at 83

Charles Manson deadCharles Manson, the wild-eyed 1960s cult leader whose followers committed heinous murders that terrorized Los Angeles...

Trump administration lifts ban on importing heads of hunted elephants

Trump administration lifts ban on importing elephant heads The Trump administration confirmed Thursday it lifted a ban that had prohibited hunters from importing trophies...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!