Reuters: Regulatory News: UPDATE 1-Wells Fargo settles federal mortgage claims for $335 mln

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UPDATE 1-Wells Fargo settles federal mortgage claims for $335 mln Nov 6th 2013, 17:47 By Peter Rudegeair Wed Nov 6, 2013 12:47pm EST Nov 6 (Reuters) - Wells Fargo & Co. said on Wednesday that it had reached a $335 million settlement with a U.S. government agency over claims that it had misled certain investors in the bank's mortgage bonds. The San Francisco-based bank reached a settlement in the third quarter with government-backed mortgage enterprise Freddie Mac and its overseer, the Federal Housing Finance Agency, over claims that some mortgage bonds' offering documents contained false information, according to a regulatory filing the bank made on Wednesday. Wells Fargo did not specify how much of the $335 million settlement related to Freddie Mac and how much was related to a separate settlement it reached with Fannie Mae and the FHFA in the first quarter. The bank had already set aside money to cover the settlement, according to the filing, meaning the deal will have no impact on income. In addition to resolving mortgage bond claims with Freddie Mac, the bank announced a $869 million settlement with Freddie Mac over repurchase liabilities in September. That settlement contributed to Wells Fargo's mortgage repurchase liability falling from $2.2 billion at the end of June to $1.4 billion at the end of September.

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