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Wells Fargo to pay Freddie Mac $780 million to settle mortgage claims. Wells Fargo announced the settlement five days after Citigroup Inc agreed to pay Freddie Mac $395 million to settle similar claims over roughly 3.7 million mortgages sold from 2000 to 2012. Citigroup is the third-largest U.S. bank by assets, while Wells Fargo ranks fourth.
Citigroup Announces Agreement with Freddie Mac to Resolve Potential Future Mortgage Repurchase Claims Agreement covers loans originated between 2000 and 2012 NEW YORK–(BUSINESS WIRE)–
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By Jonathan Stempel (Reuters) – Citigroup Inc on Wednesday said it agreed to pay $395 million to Freddie Mac to resolve claims of potential flaws in roughly 3.7 million mortgages it sold to the housing finance company from 2000 to 2012.
(Reuters) – Citigroup Inc on Wednesday said it agreed to pay $395 million to Freddie Mac to resolve claims of potential flaws in roughly 3.7 million mortgages it sold to the housing finance company from 2000 to 2012. Citigroup, the third-largest U.S. bank, said the settlement also covers potential future claims arising from the loans bought by Freddie Mac, a large purchaser and guarantor of.
In 2003, Citigroup paid $145 million in fines and penalties to settle claims by the. to resolve a federal investigation into the sale of subprime mortgages, the bank’s. to pay Freddie Mac $395 million to settle claims it sold it toxic mortgages.
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