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First Horizon Settles With FHFA For $110 Million

mortgageorb.com | May 4, 2014

Mortgage lender First Horizon National Corp., along with related companies and specifically named individuals, will pay $110 million to resolve claims by the Federal Housing Finance Agency (FHFA) that First Horizon sold faulty mortgages to Fannie Mae and Freddie Mac in 2005-2007, during the run-up to the financial crisis.

As per the agreement, First Horizon will pay $61.6 million to Fannie Mae and $48.4 million to Freddie Mac.

This is the 14th settlement related to the 18 liability suits the FHFA filed in 2011. It is also the sixth such settlement to be announced so far this year - in other words, the FHFA has resolved one third of the 18 suits in less than six months.

Just last week, the FHFA announced that Barclays Bank, along with related companies and specifically named individuals, will pay $280 million to settle claims brought by the FHFA regarding faulty mortgages sold to Fannie and Freddie. As per that agreement, Barclays will pay $227 million to Freddie Mac and $53 million to Fannie Mae.


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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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