Wells Fargo Will Pay $541 Million to Fannie Mae
(CN) - Wells Fargo will pay $541 million to Fannie Mae to settle complaints about home loans the bank bundled into securities and sold before 2009.
Wells Fargo agreed in September to pay Freddie Mac $780 million for similar claims.
Freddie Mac and Fannie Mae, quasi-government institutions, own or guarantee about two-thirds of U.S home loans. The government seized them in September 2008 during the financial meltdown.
Bank of America agreed in January to pay $3.6 billion, for behavior that included the poster boy of the mortgage crisis, Countrywide Financial, which Bank of America bought during the meltdown.
Citigroup agreed in July to pay $968 million.