Wells Fargo to Pay Fannie Mae 591 Million in Mortgage Settlement

[Stuart G]

Source: LA Times



December 30, 2013, 7:21 a.m.

WASHINGTON — Wells Fargo & Co. said Monday it has agreed to pay $591 million to Fannie Mae to settle disputes over soured mortgages the bank sold to the seized housing finance giant during the subprime housing boom.


The agreement covers loans originated by Wells Fargo before 2009 that Fannie Mae was trying to force the bank to buy back. The deal "resolves substantially" all repurchase issues related to those loans, the company said.

Wells Fargo will pay $541 million in cash to Fannie Mae, with the rest covered by credits from earlier repurchases.





Read more: http://www.latimes.com/business/money/la-fi-mo-wells-fargo-fannie-mae-mortgage-repurchase-20131230,0,7854630.story#axzz2oyUPOWpH

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Did any of those executives that carried this out go to jail?

[L0oniX]

1. Chump change.

[Stuart G]

2. I agree with you.

Looks like a lot, but in the long run, it ain't much.

[L0oniX]

3. Not enough to get another too big to fail bailout.