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General Electric Co. ($23.46 0.19%) has agreed to settle a federal agency's lawsuit accusing it of misleading Freddie Mac into buying $549 million of mortgage-backed securities, the Federal Housing Finance Agency said on Wednesday.
HousingWire confirmed the announcement with the FHFA.
The settlement is the first to result from a series of lawsuits the FHFA filed against Wall Street banks in 2011 in its role as conservator for Fannie Mae and Freddie Mac.
"This settlement resolves the dispute between FHFA and GE consistent with FHFA’s responsibilities as conservator of Freddie Mac," said Alfred M. Pollard, FHFA General Counsel. "FHFA is pleased this lawsuit has been resolved and appreciates the work of Freddie Mac in this matter."
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