UBS To Pay $885M To Settle FHFA Suits Over MBS Sales

Law360, New York (July 25, 2013, 10:08 PM ET) -- The Federal Housing Finance Agency said Thursday that a UBS AG unit has agreed to pay $885 million to settle litigation over alleged misrepresentations of billions of dollars in mortgage-backed securities it sold to Freddie Mac and Fannie Mae in the run-up to the financial crisis.

Under the terms of the deal, UBS Americas Inc. will pay approximately $415 million to Fannie and $470 million to Freddie to resolve cases related to securities sold to the government-backed companies between 2004 and 2007.

“The satisfactory resolution of...
To view the full article, register now.