- Posted at 10:34, December 30, 2013
- By Russ Bleemer
Mortgage-lending/banking giant Wells Fargo & Co. settled with Fannie Mae for $591 million for losses on bad mortgages Wells Fargo sold Fannie Mae before 2009.
Those mortgages contributed to a collapse of the housing market and the economic downturn. Today's announcement concludes its review of the so-called legacy loans that Fannie Mae purchased in the 2005-2008 run up to the crash.
Fannie Mae says that today's settlement is one of eight in 2013, and lays out the others in its press release HERE.
The bank's press announcement was posted this morning HERE.
QuidnuncRE looked at the most recent settlement by the Consumer Financial Protection Bureau against Ocwen Financial Corp. and summed up the others HERE.