Seeking Alpha

GSEs collected $7.9B in settlements in 2013

  • Six major banks settled mortgage related lawsuits (and one - Wells - settled without being sued) with Fannie (FNMA -1.5%) and Freddie (FMCC -2.8%) last year, allowing the GSEs to collect a total of $7.9B, according to their regulator, the FHFA.
  • Twelve lawsuits are outstanding and the next case scheduled for court isMerrill Lynch in June, though analysts expect this and the others to be settled before a judge or jury hears them. Of the remaining suits, Bank of America faces the largest potential tab - the FHFA wants at least $6B to settle (with suits against the bank itself and Countrywide joining Merrill).
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Comments (2)
  • eml7
    , contributor
    Comments (2) | Send Message
     
    And these are the guys that Congress wants to take over the mortgage and secondary market instead of Fannie and Freddie to whom they just paid for fraud. Note to members of Congress: There is no sense being stupid if you can't prove it.
    3 Jan 2014, 04:14 PM Reply Like
  • vildside
    , contributor
    Comment (1) | Send Message
     
    These are the same people who didn't want Obama to take help Fannie and Freddie or the any of the Big 3.
    6 Mar 2014, 08:17 AM Reply Like
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