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Wells Fargo To Pay Fannie Mae $591 Million To Settle Mortgage Claims

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WELLS FARGO BANK
OAKLAND, CA - OCTOBER 11: A bicyclist walks by a Wells Fargo bank on October 11, 2013 in Oakland, California. Wells Fargo reported a 13 percent increase in third-quarter profits with a net income of $5.6 billion, or 99 cents a share compared to $4.9 billion, or 88 cents a share one year ago. (Photo by Justin Sullivan/Getty Images) | Justin Sullivan via Getty Images
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Dec 30 (Reuters) - Wells Fargo & Co, the fourth-largest U.S. bank by assets, said it would pay $591 million to Fannie Mae to substantially settle all repurchase liabilities related to loans sold to the government-controlled mortgage company before Jan. 1, 2009.

Fannie Mae will receive about $541 million in cash after adjusting for credits related to certain prior repurchases, the San Francisco-based bank said.

The cost of the agreement has been fully accrued for as of Sept. 30, Wells Fargo said.

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