Wells Fargo Fined $780M in Freddie Mac Settlement
Press release from the issuing company
Wednesday, October 2nd, 2013
Wells Fargo & Co. announced today that on Sept. 27, 2013 the Company reached an agreement with the Federal Home Loan Mortgage Corporation (Freddie Mac) that resolves substantially all repurchase liabilities related to loans sold to Freddie Mac prior to Jan. 1, 2009.
The $869 million agreement was adjusted for credits related to certain prior repurchase, resulting in a one-time cash payment to Freddie Mac of approximately $780 million. At June 30, 2013, Wells Fargo had fully accrued for the cost of the agreement.
