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Flagstar to Pay Freddie Mac $8.9M for Mortgage Repurchase Obligations

crainsdetroit.com | December 31, 2013

Troy-based Flagstar Bancorp Inc. has agreed to pay the Federal Home Loan Mortgage Corp. - commonly known as Freddie Mac - $8.9 million to resolve repurchase requests for home loans originated between Jan. 1, 2000, and Dec. 31, 2008.

The total resolution was $10.8 million including credits and adjustments, Flagstar said today in a statement.

"This agreement is another positive step for Flagstar in further reducing the company's risk profile while supporting improved performance," said Sandro DiNello, Flagstar's president and CEO. "We believe that our accomplishments in 2013 have positioned Flagstar for sustainable long-term growth in 2014 and beyond."

In November, Flagstar (NYSE: FBC) announced a settlement of $121.5 million with the Federal National Mortgage Association, more commonly known as Fannie Mae, to resolve demands that the bank repurchase defaulted loans that were sold from 2000 to 2008. After credit for claims already paid, Flagstar will pay Fannie Mae $93.5 million, which will come from a reserve of $174 million the bank had set aside to cover such claims.

Both settlements follow a string of similar actions.

In May, the mortgage bank agreed to pay $110 million to settle a lawsuit accusing it of making misrepresentations to Armonk, N.Y.-based MBIA Inc. to insure mortgage-backed securities that defaulted.

In February, Flagstar lost a federal lawsuit and was ordered to pay $90.1 million to a bond insurer, New York City-based Assured Guaranty Municipal Corp., over the same issues in 2005 and 2006.

In February 2012, Flagstar reached a $133 million agreement with the U.S. government to settle a lawsuit claiming the bank had been involved in fraudulent lending practices.

The bank admitted making false claims that caused the Federal Housing Administration to issue insurance on loans that were ineligible.

Flagstar is the largest bank headquartered in Michigan, with assets of about $11.8 billion.

 

Back to December 2013 Archive

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