Wells Fargo (WF) said it will pay $780 million in cash to Freddie Mac to resolve substantially all repurchase liabilities on home loans sold to the enterprise prior to 2009. Per Reuters:
The largest U.S. mortgage lender said the settlement was reached on September 27 and totaled $869 million before adjusting for credits related to prior loan repurchases.
Wells Fargo said the cost of its agreement is covered by existing reserves.
