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FITB Agrees to $25m Mortgage Repurchase Claims Settlement with Freddie Mac

retailbanking.banking-business-review.com | November 27, 2013

By Thomas Grillo

Fifth Third Bancorp (FITB) has agreed to reimburse $25m to Freddie Mac to resolve certain repurchase claims associated with mortgage loans originated and sold prior to 1 January 2009.

Under the terms of the agreement, FITB will make a cash payment of $25m to Freddie Mac, after paid claim credits and other adjustments.

The lender said that its mortgage representation and warranty reserves associated with the loans covered by the agreement were fully sufficient to cover the payment amount, as of 30 September 2013.

Fifth Third inked a tentative agreement with the US Securities and Exchange Commission (SEC) to settle a probe into its accounting for commercial real estate loans in 2008.

Both Fannie Mae and Freddie Mac busted during the financial crisis of 2008, due to the high exposure of faulty residential mortgage backed securities (RMBS) and were subsequently injected with nearly $187.5bn by the US government to keep them running.

 

Back to November 2013 Archive

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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