Politics & MoneyMortgage

First Horizon settles reps and warrants claim with Freddie Mac

Recently settled with Fannie Mae

First Horizon National Corp. entered a definitive resolution agreement with Freddie Mac over the loan repurchases process.

The agreement between the two entities follows a recent agreement between Fannie Mae and First Horizon in the fourth quarter 2013.

According to a Compass Point report, the agreement settles all representation and warranty claims related to loans sold from 2000 to 2008.

Although the amount was not disclosed, First Horizon released an additional $30 million of mortgage repurchase reserves in the fourth quarter, from the previously disclosed $195 million.

It also increased the pending litigation reserve related to $60.5 million from $21.1 million, and lowered its total estimated potential liability from outstanding litigation to $180 million from $242 million in the third quarter of 2013.

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