FHFA resolves 6 of 18 RMBS suits against big banks

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 · On June 3, the Federal Housing Finance Agency (FHFA), as conservator for the Federal Home Loan Mortgage Corporation (Freddie Mac), filed a lawsuit in the United States District Court for the Southern District of New York against Wells Fargo Securities, LLC (Wells Fargo) (as successor to Wachovia Capital Markets, LLC (Wachovia)), alleging a violation of Section 11 of the Securities Act.

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FHFA resolves 6 of 18 RMBS suits against big banks The FHFA has served as Fannie Mae and Freddie Mac’s conservator since their 7 billion taxpayer bailout in 2008. It filed suits against 18 banks over losses suffered by Fannie Mae and Freddie Mac on more than $130 billion worth of mortgage-backed securities.

Ahead of the FHFA settlement, the bank had put aside £6.6bn to cover the cost of RMBS misselling and the penalty from the FHFA accounted for £3.6bn of this. The total bill for RBS falls to £3.6bn because of indemnity agreements but the bank admitted it will need to take another £151m provision to cover the rest of the FHFA settlement.

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Bank of America (NYSE: BAC) today announced it reached a settlement with the Federal Housing Finance Agency (FHFA) as conservator of Fannie Mae and Freddie Mac to resolve all of FHFA’s residential.

Bank of America inked a $9.5B deal with the Federal Housing Finance Agency to resolve its residential mortgage-backed securities litigation with the regulator.. The FHFA settlement resolves.

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