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Wells Fargo to pay $591 million in Fannie Mae settlement

The deal settles allegations that the company knowingly sold defective mortgages to the home-loan financier

The bank merry-go-round continues, and now it’s Wells Fargo’s turn to pay big penalties to Fannie Mae for mortgage-related claims stemming from the 2008 financial crisis.

On Dec. 30, Wells Fargo agreed to a $591 million deal with Fannie Mae to settle allegations that the company knowingly sold defective mortgages to the home-loan financier. The bank will pay $541 million in total once adjusted for the previous mortgages it has already repurchased.

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Zach Warren

Zach Warren is Assistant Editor of InsideCounsel magazine, where he oversees online content submissions and administers InsideCounsel's enewsletters. Zach specializes in new media and multimedia...

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