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Freddie Mac Reveals About $1.3B in Settlements with Financial Institutions

rttnews.com | October 2, 2013

Freddie Mac (FMCC.OB) said it has entered into agreements with three financial institutions concerning Freddie Mac's claims related to representations and warranties on single-family loans sold to Freddie Mac.

With these agreements, Freddie Mac will be paid a total of about $1.3 billion.

Freddie Mac stated that under all three agreements, it will, subject to specified limitations and exclusions, release the firms from certain existing and future loan repurchase obligations relating to specific populations of single-family loans and certain other obligations.

On September 27, 2013, Freddie Mac entered into agreements with Wells Fargo Bank, National Association under which Wells Fargo agreed to pay Freddie Mac a total of $869 million. Under the agreements, Freddie Mac has released Wells Fargo from certain existing and future repurchase obligations for loans funded by Freddie Mac prior to January 1, 2009, including approximately 6.7 million loans sold to Freddie Mac from 2000 through 2008.

Freddie Mac said that on September 25, 2013, it entered into an agreement with CitiMortgage Inc. and Citibank, National Association under which Citigroup agreed to pay Freddie Mac a total of $395 million. Under the agreement, Freddie Mac has released Citigroup from certain existing and future repurchase obligations for approximately 3.7 million loans funded by Freddie Mac between 2000 and 2012.

On September 30, 2013, Freddie Mac entered into an agreement with SunTrust Mortgage, Inc. under which SunTrust agreed to pay Freddie Mac a total of $65 million. Under the agreement, Freddie Mac has released SunTrust from certain existing and future repurchase obligations for about 312,000 loans funded by Freddie Mac between 2000 and 2008.

 

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