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Wells Fargo settles claims with FHFA

Wells Fargo Settles FHFA's RMBS Claims – Orrick Blogs – Wells Fargo Settles FHFA’s RMBS Claims Editorial Board Posted on November 11, 2013 On November 6, Wells Fargo & Co. disclosed in a regulatory filing with the Securities and Exchange Commission that it settled claims by the Federal Housing Finance Agency (acting as conservator to Fannie Mae and Freddie Mac) against it for approximately $335.

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ABOUT THE SETTLEMENT: A $142 Million Settlement with Wells Fargo includes customers who had certain wells fargo credit cards, lines of credit, checking or savings accounts opened or applied for in their name without their permission, or had authorized identity theft protection services from Wells Fargo, from May 1, 2002 to April 20, 2017.

The San Francisco-based bank disclosed in a regulatory filing Wednesday that it settled the claims with Fannie Mae in its first quarter and Freddie Mac in its third quarter.

United States District Court Judge Beth Labson Freeman granted class action status to a lawsuit where a loan officer is seeking backpay from Wells Fargo. (Ruling found here.) Plaintiff James Kang.

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Wells Fargo settles mortgage claims with FHFA for. – Lexology – Wells Fargo’s reported deal with the FHFA comes less than a week after that same agency announced a $5.1 billion settlement with JPMorgan Chase & Co. That payment by Chase is said to be part of.

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NEW YORK (Reuters) – A Wells Fargo Bank joint venture that provides credit card. The third-largest U.S. bank last year agreed to pay a $185 million fine to the U.S. government to settle claims.

The FHFA has alleged that the various banks violated federal and state securities laws when selling private-label RMBS to the housing agencies. Under the terms of the settlement, UBS will pay approximately $415 million to Fannie and $470 to Freddie to resolve certain claims related to securities sold to the entities between 2004 and 2007.

NEW YORK (Reuters) – Wells Fargo & Co (WFC.N) will pay $575 million to settle claims made by U.S. states, the latest settlement as the bank works to resolve lingering investigations and legal battles.

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Wells Fargo had to shell out a sum of less than $1 billion for the settlement. Wells Fargo was the only major U.S. bank that was not imputed in the FHFA lawsuit.