- 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
Wells reaches $591M agreement with Fannie Mae
Dec 30 2013, 12:02 ET