Wells Fargo Settles Fannie, Freddie MBS Claims For Under $1B

Law360, Los Angeles (October 31, 2013, 9:57 PM EDT) -- Wells Fargo & Co. has agreed to pay the Federal Housing Finance Agency less than $1 billion to settle claims that it sold toxic mortgage-backed securities to Freddie Mac and Fannie Mae prior to the financial crisis, according to a Thursday news report.

The Financial Times reported Wells Fargo's deal with the FHFA was governed by a confidentiality agreement, citing people familiar with the matter. An FHFA spokeswoman declined to comment, while a Wells Fargo representative did not immediately respond to a request for comment late...
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