Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
FHFA Reaches $885 Million MBS Settlement
WASHINGTON (7/26/13)--The Federal Housing Finance Agency (FHFA), in its role as conservator of the two government-sponsored housing enterprises, Fannie Mae and Freddie Mac, announced Thursday that it has reached a settlement with UBS Americas Inc. for $885 million.
 
The FHFA said the settlement covers claims of alleged violations of federal and state securities laws in connection with private-label residential mortgage-backed securities (RMBS) purchased by Fannie and Freddie.
 
FHFA said UBS will pay approximately $415 million to Fannie and $470 million to Freddie to resolve certain claims related to securities sold to the companies between 2004 and 2007.
 
"The satisfactory resolution of this matter provides greater clarity and certainty in the marketplace and is in line with our responsibility for preserving and conserving Fannie Mae's and Freddie Mac's assets on behalf of taxpayers," said FHFA Acting Director Edward DeMarco.
 
The settlement agreement covers claims between FHFA and UBS in the following cases: FHFAv. UBS Americas, Inc., et al., 11 Civ. 5201 (DLC) (S.D.N.Y.); FHFA v. Ally Financial Inc., et al., 11 Civ. 7010 (DLC) (S.D.N.Y.); FHFA v. Countrywide Financial Corp., et al., No. 12 Civ. 1059 (MRP) (C.D. Cal.); FHFA v. First Horizon National Corp., et al., No. 11 Civ. 6193 (DLC) (S.D.N.Y.).

The settlement is between FHFA and UBS Americas Inc., UBS Real Estate Securities Inc., UBS Securities LLC, Mortgage Asset Securitization Transactions Inc., and other named defendants, according to the agency.
 
FHFA has now settled three of the 18 suits it filed in 2011, and remains committed to satisfactorily resolving the remaining suits as well.


RSS





print
News Now LiveWire
Consumer spending is slumping #Market #Economy http://t.co/RI4HS68IuJ
9 hours ago
April is #NationalFinancialLiteracyMonth & @TheNCUA Chair Matz urges #creditunions to help members learn to manage/protect their finances.
11 hours ago
Fed. FI regulators' statmnts on compromised credentials/destructive malware #cybersecurity http://t.co/f4uTBDm1PU http://t.co/zP5Iw6VxZc
13 hours ago
Home prices rising faster than wages: @RealtyTrac #NewsNow #Market http://t.co/wa74mnw3Cu
14 hours ago
.@Nussle dropped by the @ACUMuseum recently. Read about his visit http://t.co/bYe8RRgYLP
15 hours ago