Wells Fargo Reaches Agreement Resolving Fannie Mae Repurchase Demands on Loans Originated Prior to 2009
Wells Fargo & Co. (NYSE: 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.
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.