Wells Fargo reaches $591 million settlement with Fannie Mae over mortgage securities


Jonathan Stempel
Reuters
December 30, 2013

Wells-Fargo-LogoWells 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.

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