Wells Fargo Reaches Agreement Resolving Fannie Mae Repurchase Demands on Loans Originated Prior to 2009

Wells Fargo & Co. WFC announced today that the Company has reached an agreement with the Federal National Mortgage Association (Fannie Mae) that resolves substantially all repurchase liabilities related to loans sold to Fannie Mae that were originated prior to Jan. 1, 2009. The $591 million agreement was adjusted for credits related to certain prior repurchases, resulting in a one-time cash payment to Fannie Mae of approximately $541 million. At Sept. 30 2013, Wells Fargo had fully accrued for the cost of the agreement. See full press release