Wells Fargo Won’t ‘Pay Up’ to Settle Mortgage Buybacks

Wells Fargo & Co. won’t seek a settlement with Fannie Mae or Freddie Mac on disputed mortgages, and terms offered to rival banks may not have been as generous as some portrayed, Chief Financial Officer Howard Atkins said.

“The quality of our securitizations was of a much higher caliber than all of the other large bank peers,” Atkins said today in an interview. “It doesn’t make sense for us to pay up to get rid of the remaining small amount of problems we have.”