FHFA inks $110 million settlement with First Horizon
The smallest settlement so far
The Federal Housing Finance Agency, as conservator of Fannie Mae and Freddie Mac, today announced a settlement for $110 million with First Horizon National Corporation.
The settlement resolves claims in the lawsuit FHFA v. First Horizon National Corporation, et al. (S.D.N.Y.), alleging violations of federal and District of Columbia securities laws in connection with private-label mortgage-backed securities purchased by Fannie and Freddie during 2005-2007.
Pursuant to 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 private-label securitization lawsuits FHFA filed in 2011.
FHFA remains committed to satisfactory resolution of the remaining actions. Remaining defendants are Goldman Sachs, Nomura Securities, Royal Bank of Scotland and Société Générale.