The Mortgage Settlements
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January 12, 2015 at 1:37 pm #3811
JPMorgan paying $5.1 billion to Fannie, Freddie over mortgages
By James O’Toole @jtotoole October 25, 2013: 8:16 PM ET
JPMorgan has agreed to pay $5.1 billion to Fannie Mae and Freddie Mac to resolve claims stemming from the housing bubble, federal housing regulators announced Friday.
The bank has also been in talks with the Justice Department and other government officials over another potential settlement based on similar claims. That settlement will likely be even more expensive for JPMorgan.
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http://money.cnn.com/2013/10/25/investing/jpmorgan-settlement/index.html?iid=EL- This topic was modified 2 years, 7 months ago by dpsims.
January 12, 2015 at 1:40 pm #3813Bank of America to pay $9.3 billion to settle mortgage bond claims
BY MARGARET CHADBOURN AND ARUNA VISWANATHA
WASHINGTON Wed Mar 26, 2014 6:42pm EDT
(Reuters) - Bank of America agreed to pay $9.3 billion to settle claims that it sold Fannie Mae and Freddie Mac faulty mortgage bonds, helping the bank to end one of the largest legal headaches it still faced from the financial crisis.The settlement, announced on Wednesday, includes $6.3 billion in cash and $3.2 billion in securities that Bank of America will purchase from the two housing finance entities.
The second-largest U.S. bank by assets said it had now resolved around 88 percent of its total exposure to securities at issue in the mortgage bond litigation it has faced.
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http://www.reuters.com/article/2014/03/26/us-bankofamerica-settlement-fhfa-idUSBREA2P23720140326
January 12, 2015 at 1:42 pm #3814Citi To Pay Almost $1B In Fannie Mae Mortgage Settlement
MARKETS 7/01/2013 @ 11:10AM 5,441 views
Fannie Mae and Freddie Mac have spent the years since the financial crisis trying to force Wall Street to repurchase billions in shoddy loans sold during the boom years of the housing bubble. Monday brought another settlement from one of the country’s biggest banks.Citigroup C -1% says it will pay $968 million to Fannie Mae to resolve claims that it breached representations and warranties on 3.7 million residential mortgages. The firm says the sum is covered by its existing reserves for mortgage repurchases, but that it will add another $245 million to that pool when it announces results July 15.
January 12, 2015 at 1:45 pm #3815Ally subsidiaries reach $462M settlement with Fannie on repurchases
HousingWire StaffDecember 27, 2010 6:14PM0 Comments[Updated Dec. 28 with comment from Fannie Mae] Ally Financial’s mortgage unit, Residential Capital, and certain ResCap subsidiaries reached a $462 million settlement with Fannie Mae on potential mortgage repurchases. The agreement covers loans serviced by ResCap subsidiary GMAC Mortgage on behalf of Fannie Mae prior to June 30 and all mortgaged-backed securities that Fannie Mae purchased at various times prior to the settlement, including private-label securities, Ally said Monday. The settlement releases ResCap and its subsidiaries from about $292 billion in potential repurchases, Ally said.
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http://www.housingwire.com/articles/11095-ally-subsidiaries-reach-462m-settlement-fannie-repurchases
January 12, 2015 at 1:48 pm #3816Wells Fargo to Pay Fannie Mae $591 Million to Resolve Claims
By Dakin Campbell Dec 30, 2013 10:42 AM ETWells Fargo & Co. (WFC), the largest U.S. home lender, agreed to pay Fannie Mae $591 million to resolve repurchase demands on loans originated before 2009 and sold to the government-backed firm.
Wells Fargo paid $541 million in cash to Fannie Mae after adjusting for prior repurchases, the San Francisco-based lender said today in a statement. The firm had set aside funds to cover the full cost as of Sept. 30, according to the statement.
Lenders from Wells Fargo to Bank of America Corp. have agreed to pay Fannie Mae and its smaller competitor, Freddie Mac, for losses on soured mortgages as they seek to cap costs on loans originated before the housing crash. Wells Fargo reached a $869 million accord with Freddie Mac in September to resolve disputes on a similar subset of loans.
January 12, 2015 at 1:51 pm #3817RBS, FHFA Reach $99.5M MBS Settlement
by Zacks Equity Research Published on June 20, 2014 | No Comments
The Royal Bank of Scotland Group plc (RBS - Snapshot Report) has reached a settlement with the Federal Housing Finance Agency (FHFA) – the conservator of government-sponsored enterprises (GSEs) Freddie Mac (FMCC) and Fannie Mae (FNMA), per a Reuters report. According to the settlement, the Edinburgh, UK-based bank will pay $99.5 million to FHFA to compensate its faulty mortgage practices between 2005 and 2007. It will exonerate RBS from the claims that it sold flawed mortgage-backed securities (MBS) to Freddie Mac.As per FHFA, the agreement has its roots in a 2011 litigation that was filed against the Detroit, MI-based automotive financial services company – Ally Financial Inc. (ALLY - Snapshot Report). That suit also indicted other lenders, including RBS, which underwrote MBSs sold by Ally to the GSEs. Notably, Ally had already settled the case by paying $475 million.
http://www.zacks.com/stock/news/137629/rbs-fhfa-reach-995m-mbs-settlementRBS Falls on Report That U.S. Mortgage Provision May Rise
By Richard Partington Jan 2, 2015 11:53 AM ET
Royal Bank of Scotland Group Plc (RBS) fell after the Times reported in London that the U.K. lender could pay at least $7.7 billion to resolve claims of misconduct in its handling of U.S. mortgage securities.
The Edinburgh-based bank’s stock declined 1.4 percent to 389 pence in London trading, exceeding the 0.3 percent drop by the U.K. benchmark FTSE 100 Index.
The Times reported yesterday that RBS may have to add to a 1.9 billion-pound ($2.9 billion) provision it took a year ago for a settlement of Federal Housing Finance Agency accusations that the bank sold faulty mortgage bonds to Fannie Mae and Freddie Mac from 2005 to 2007. Chief Executive Officer Ross McEwan has warned fines could delay his plan to return the 80 percent state-owned lender to private ownership.
http://www.bloomberg.com/news/2015-01-02/rbs-falls-on-report-that-u-s-mortgage-provision-may-increase.htmlJanuary 12, 2015 at 1:54 pm #3818Goldman Sachs in $3.15 billion settlement with federal regulators
by Benjamin Snyder @WriterSnyder AUGUST 22, 2014, 7:50 PM ES
Goldman Sachs said Friday it will repurchase mortgage-backed securities from Fannie Mae and Freddie Mac.Goldman Sachs GS -1.34% has agreed to pay $3.15 billion to repurchase mortgage-backed securities from Fannie Mae and Freddie Mac to settle accusations that it misstated the quality of the investments.
http://fortune.com/2014/08/22/goldman-sachs-in-3-15-billion-settlement-with-federal-regualtors/January 12, 2015 at 1:57 pm #3819FHFA Announces $1.25 Billion Settlement With Morgan Stanley
OR IMMEDIATE RELEASE
2/7/2014
Washington, D.C. – The Federal Housing Finance Agency (FHFA), as conservator of Fannie Mae and Freddie Mac, today announced it has reached a settlement with Morgan Stanley, related companies and specifically named individuals for $1.25 billion. The settlement resolves claims in the lawsuit FHFA v. Morgan Stanley, et al. in the U.S. District Court of the Southern District of New York. The settlement addresses claims alleging violations of federal and state securities laws and common law fraud in connection with private-label mortgage-backed securities (PLS) purchased by Fannie Mae and Freddie Mac between 2005 and 2007.Under the terms of the agreement, Morgan Stanley will pay $625 million each to Fannie Mae and Freddie Mac. As part of the agreement, FHFA, Fannie Mae and Freddie Mac will release certain claims against Morgan Stanley related to the securities involved. This is the seventh settlement related to the 18 PLS lawsuits FHFA filed in 2011. FHFA remains committed to satisfactory resolution of the remaining actions.
http://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-$1-25-Billion-Settlement-With-Morgan-Stanley.aspxJanuary 12, 2015 at 2:01 pm #3820FHFA Announces $1.9 Billion Settlement With Deutsche Bank
FOR IMMEDIATE RELEASE
12/20/2013
Washington, D.C. – The Federal Housing Finance Agency (FHFA), as conservator of Fannie Mae and Freddie Mac, today announced it has reached a settlement with Deutsche Bank AG, related companies and specifically named individuals for $1.925 billion to resolve claims in FHFA v. Deutsche Bank AG, et al., as well as certain other matters. The settlement addresses claims alleging violations of federal and state securities laws in connection with private-label mortgage-backed securities (PLS) purchased by Fannie Mae and Freddie Mac between 2005 and 2007.Under the terms of the agreement, Deutsche Bank will pay approximately $1.63 billion to Freddie Mac and $300 million to Fannie Mae. As part of the settlement, FHFA, Fannie Mae and Freddie Mac will release certain claims brought against Deutsche Bank related to securities sold to Fannie Mae and Freddie Mac between 2005 and 2007.
The settlement agreement does not release Deutsche Bank from any claims relating to LIBOR manipulation and does not include claims made against Deutsche Bank in two other PLS lawsuits presently the subject of ongoing litigation: FHFA v. SC Americas,Inc., et. al., and FHFA v. Countrywide Financial Corp., et. al. The other parties to those lawsuits were not part of the negotiations with Deutsche Bank.
This is the sixth settlement that FHFA has attained pursuant to the 18 PLS lawsuits filed in 2011. FHFA remains committed to satisfactory resolution of the remaining actions.
January 12, 2015 at 2:02 pm #3821Credit Suisse Reaches $885 Million Mortgage Settlement
By RACHEL ABRAMS MARCH 21, 2014 4:52Credit Suisse said on Friday that it had reached an $885 million settlement to resolve claims that it sold questionable loans to the mortgage giants Fannie Mae and Freddie Mac in the lead-up to the financial crisis.
The Swiss bank is the latest Wall Street bank to settle with the United States Federal Housing Finance Agency, which controls Fannie and Freddie. Credit Suisse said in a securities fling that it would take a charge of 275 million Swiss francs, or about $311.5 million, against its 2013 results because of the settlement.
The United States government pumped more than $150 billion into Fannie and Freddie during the financial crisis, and Friday’s settlement is part of a broader push by the F.H.F.A. to crack down on the lending practices that fueled the need for a bailout. In 2011, the agency sued more than a dozen banks over nearly $200 billion in subprime mortgage-backed securities.
Credit Suisse’s agreement with the F.H.F.A. relates to $16.6 billion in loans the firm sold to Fannie and Freddie between 2005 and 2007, according to the filing.
http://dealbook.nytimes.com/2014/03/21/credit-suisse-reaches-885-million-mortgage-settlement/?_r=0
January 12, 2015 at 2:53 pm #3822Wind down FNMA. Makes sense.
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