NEW YORK Jan 23 General Electric Co has
agreed to settle a federal agency's lawsuit accusing it of
misleading Freddie Mac into buying $549 million of
mortgage-backed securities, the Federal Housing Finance Agency
said on Wednesday.
The settlement is the first to result from a series of
lawsuits the FHFA filed against Wall Street banks in 2011 in its
role as conservator for Fannie Mae and Freddie Mac.
Terms of the accord were not announced.
"This settlement resolves the dispute between FHFA and
GE consistent with FHFA's responsibilities as conservator of
Freddie Mac," Alfred Pollard, the agency's general counsel, said
in a statement. "FHFA is pleased this lawsuit has been resolved
and appreciates the work of Freddie Mac in this matter."
A spokesman for GE had no immediate comment.