Wells Fargo to Pay Fannie Mae $591 Million to Resolve Claims
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Wells Fargo & Co., the largest U.S. home lender, agreed to pay Fannie Mae $591 million to resolve repurchase demands on loans originated before 2009 and sold to the government-backed firm.
Wells Fargo paid $541 million in cash to Fannie Mae after adjusting for prior repurchases, the San Francisco-based lender said today in a statement. The firm had set aside funds to cover the full cost as of Sept. 30, according to the statement.