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Saturday, May 25, 2024 | Back issues
Courthouse News Service Courthouse News Service

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.

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