TV News LIES

Sunday, May 28th

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...


James Bond actor Roger Moore dead at 89

Roger Moore dies at 89James Bond actor Roger Moore died Tuesday at age 89.The British star, who played 007 in...

Veterans And Anti-War Activists Make Peace With Vietnam — And Each Other

Vets and Activists make Peace in VietnamThe street that leads to David Clark’s home is marked with a sign that says “Ushi’s...

Whining Trump claims ‘no politician in history’ has been ‘treated worse or more unfairly’

Trump whines at Coast Guard Academy graduationPresident Trump offered a robust defense of his presidency Wednesday, arguing that he has been treated...

Football’s toll: At least seven members of 1972 Dolphins affected by cognitive impairment

Nick Buonicont and others affected by footballThey called him Captain Crunch, and the name was fitting. Mike Kolen packed a punch.Now, 45...
 
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!