Fifth Third, Freddie Mac Reach $25M Mortgage Settlement

Law360, New York (November 25, 2013, 12:21 PM EST) -- Fifth Third Bancorp on Monday announced that it had agreed to a $25 million settlement with Freddie Mac over faulty mortgages the bank sold prior to the financial crisis.

The Cincinnati-based bank is just the latest financial institution to reach a settlement with Freddie Mac over housing bubble-era mortgages. The settlement will resolve all of Freddie Mac's claims related to mortgages Fifth Third sold prior to Jan. 1, 2009.

Both Freddie Mac and Fannie Mae, the other government-sponsored mortgage giant that required a combined $191 billion...
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