US Bank Reaches $53M Mortgage Settlement With Freddie Mac

Law360, New York (December 10, 2013, 2:10 PM ET) -- U.S. Bancorp on Tuesday announced a $53 million settlement with Freddie Mac, making it the third major bank this month to close mortgage repurchase claims with the government-controlled firm.

The settlement resolves substantially all repurchase obligations related to representations and warranties made on loans sold to the Federal Home Loan Mortgage Corp. between 2000 and 2008, the parent company of U.S. Bancorp said in a statement.

After adjusting for credits related to prior repurchases, U.S. Bancorp will make a one-time $53 million cash payment to Freddie...
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