Pavaso CEO: CFPB eClosing mortgage pilot “historic event”

Pavaso CEO: CFPB eClosing mortgage pilot “historic event”

Makes buying a home easier for all Americans

Urban Institute: Qualified Mortgage impact overblown

New rules have only slightly slowed mortgage lending

WATCH: Former Wells Fargo CEO calls BofA fine “extortion”

Kovacevich says fine is political and has “nothing to do with justice”
W S
Investments / The Ticker

FHFA inks $110 million settlement with First Horizon

The smallest settlement so far

Scales of Justice - Law
/ Print / Reprints /
| Share More
/ Text Size+

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.

Last week, the FHFA settled with Barclays Bank (BARC) to the tune of $280 million. Per the terms of the settlement agreement, Barclays will pay $227 million to Freddie and $53 million to Freddie.
 

Recent Articles by Jacob Gaffney

Comments powered by Disqus