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Wells Fargo in $869 Million Settlement With Freddie Mac

Wells Fargo & Co., the largest U.S. home lender, agreed to an $869 million settlement with Freddie Mac to resolve disputes over faulty loans sold to the government-backed firm before Jan. 1, 2009.

The accord includes a one-time $780 million cash payment to Freddie Mac and credits tied to previous buybacks, San Francisco-based Wells Fargo said yesterday in a statement. The firm already had set aside money to cover the cost of the agreement, according to the statement.