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Fifth Third Bancorp settles repurchase claims with Freddie Mac

Fifth Third Bancorp resolved outstanding repurchase claims with Freddie Mac over soured mortgages this week.

It’s one of several repurchase claims cases settled by the government-sponsored enterprises in recent weeks. Fifth Third said it will pay Freddie $25 million to resolve claims that the lender is required to buy back soured mortgages that it sold off to the GSEs.

The bank noted that it has the necessary reserves to cover the settlement.

The deal relates back to loans Fifth Third originated and sold off to Freddie prior to Jan. 1, 2009.

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