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Wells Fargo Reaches $591M Deal with Fannie Mae

bizjournals.com | December 31, 2013

By Adam O'Daniel

Wells Fargo & Co. (NYSE:WFC) has reached a $591 million deal with Fannie Mae to settle allegations of mortgage wrongdoings, according to The Wall Street Journal.

The deal is centered around demands Fannie made of Wells Fargo for mortgages originated pre-2009. Fannie believes the San Francisco-based bank had sold it mortgages that were of inferior quality than advertised and wanted Wells to repurchase the loans.

Freddie Mac and its larger sister, Fannie Mae, purchased billions of dollars of mortgages from large private lenders during the subprime mortgage boom. When the market soured, the agencies were bailed out by the federal government.

Both agencies have been aggressively making claims against the banks that allegedly sold them poorly underwritten loans, asking the lenders to repurchase the loans in question.

The latest agreement with Fannie Mae settles disputes over all loans Wells sold the agency before 2009.

Wells Fargo is the largest mortgage lender in the U.S. It has about 20,700 employees in Charlotte.

 

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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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