Wells Fargo Reaches Agreement with Freddie Mac Resolving Repurchase Demands on Loans Sold Prior to 2009
Wells Fargo & Co. (NYSE: WFC) announced today that on Sept. 27, 2013 the
Company reached an agreement with the Federal Home Loan Mortgage
Corporation (Freddie Mac) that resolves substantially all repurchase
liabilities related to loans sold to Freddie Mac prior to Jan. 1, 2009.
The $869 million agreement was adjusted for credits related to certain
prior repurchases, resulting in a one-time cash payment to Freddie Mac
of approximately $780 million. At June 30, 2013, Wells Fargo had fully
accrued for the cost of the agreement.
About Wells Fargo
Wells Fargo Home Mortgage is the nation's leading mortgage lender and
services one of every six mortgage