Economics

Freddie Mac says three banks to pay a total of .3 billion to settle mortgage claims

Stay ahead of the curve... Get top posts first!

Thank you for subscribing!

Get updates on Facebook

Mortgage finance giant Freddie Mac said Tuesday that three of the country’s largest banks — Wells Fargo, Citigroup and SunTrust Banks — had agreed to pay a total of .3 billion to resolve claims on millions of home loans that have soured or may go bad.

Freddie Mac, along with sibling Fannie Mae, has been seeking compensation from banks that it claims misrepresented the quality of home loans sold to it during the housing boom.

When the housing market crashed, homeowners defaulted on those loans, saddling the mortgage finance companies with billions of dollars in losses.

Learn more here http://www.usatoday.com/story/money/business/2013/07/01/citigroup-agrees-to-pay-968m-to-fannie-mae/2478923/

Want our best on Facebook?

Facebook comments

“Freddie Mac says three banks to pay a total of .3 billion to settle mortgage claims”