Wells Fargo (WFC) agreed to pay less than $1 billion to settle with the Federal Housing Finance Agency over claims it sold faulty mortgage bonds to Fannie Mae and Freddie Mac.
The bank’s accord with the FHFA, which regulates the government-backed mortgage-finance firms, was subject to a confidentiality agreement, the person said, asking not to be named because of those terms. San Francisco-based Wells Fargo said in a May filing that it had settled Fannie Mae’s claims over mortgage bonds, and that the payment, which it didn’t specify, was covered by reserves.
