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Wells reaches $591M agreement with Fannie Mae

  • Wells Fargo (WFC) is the latest to settle with one of the GSEs, agreeing to settle repurchase claims on mortgages sold to Fannie Mae (originated prior to 2009) for $591M. Wells will write a check to Fannie for $541M after adjustments for credits related to certain prior repurchases.
  • Wells has fully reserved for the cost of the agreement.
  • “We have closed out our legacy repurchase reviews with this agreement with Wells Fargo,” says Fannie Mae (FNMA +0.3%) CEO Timothy J. Mayopoulos.  “This agreement represents a fitting conclusion to our year of hard work to put legacy issues in the rear view mirror and begin 2014 focused on improving the future of housing finance.”
  • Press release
Comments (1)
  • The Deep Value Investor
    , contributor
    Comments (301) | Send Message
     
    Another great win for the US Treasury! Not so much for Fannie.
    30 Dec 2013, 12:37 PM Reply Like
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