Lehman's $2B Deal With Fannie Mae Hits Judge's Desk

Law360, Los Angeles (January 23, 2014, 6:53 PM ET) -- Lehman Brothers Holdings Inc. asked a New York bankruptcy judge on Thursday to approve a $2 billion settlement resolving the Federal National Mortgage Association's nearly $19 billion claim over certain home loans and mortgage-backed securities that Lehman sold it in the run-up to the global financial crisis.

LBHI's reorganization plan administrator filed a motion seeking U.S. Bankruptcy Judge James M. Peck's approval of the proposed settlement agreement among LBHI, Fannie Mae, Aurora Commercial Corp. and Aurora Loan Services. Under the deal, Fannie Mae would receive a $2.15 billion...
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