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UBS AG To Pay To Federal Home Loan Mortgage Corp And Federal National Mortgage Association To Resolve Claims-Reuters


Thursday, 25 Jul 2013 07:03pm EDT 

Reuters reported that A US regulator said it has reached an $885 million settlement with UBS AG over allegations the bank misrepresented mortgage-backed bonds that were sold to Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corp (Freddie Mac) during the housing bubble. Under the terms of the agreement with the Federal Housing Finance Agency(FHFA), UBS must pay about $415 million to Fannie Mae and $470 million to Freddie Mac to resolve claims related to securities sold to the companies between 2004 and 2007. The Swiss banker did not admit to any liability or wrongdoing in settling the allegations. It said it had reached an agreement in principle with the FHFA. 

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10 Jul 2014