TV News LIES

Saturday, Apr 19th

Last update01:36:33 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...


Nobel Prize-Winning Author Gabriel Garcia Marquez Dies At 87

Gabriel Garcia Marquez dies at 87"Garcia Marquez's magical realist novels and short stories exposed tens of millions of readers to Latin...

Ferry sinks in South Korea, nearly 300 still missing

Ferry sinks SeoulA multi-story ferry carrying 459 people, mostly high school students on an overnight trip to a...

Snowden email provider loses appeal

LavabitA federal appeals court has rejected an appeal of contempt of court findings against a now-defunct...

Pope Francis Asks Abuse Victims' Forgiveness

Pope FrancisPope Francis asked Friday for forgiveness from the victims of pedophile priests in some of his...
 
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!