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Wells Fargo pays $335 million to settle Fannie and Freddie lawsuits

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Wells Fargo said Wednesday it had agreed to pay $335 million to settle claims by Fannie Mae and Freddie Mac that it overstated the quality of mortgage securities it sold them.

The US bank said the two state-controlled housing finance agencies had agreed to the sums having earlier pulled out of a class-action suit against it for overstating the quality of mortgage-backed securities it marketed in the run-up to the 2008-2009 financial crash.

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The settlement involved the Federal Housing Finance Agency, the conservator for the two agencies, Wells Fargo said in a securities filing.

The government was forced to rescue the two agencies during the crisis, which was marked by an implosion in the housing market that delivered huge losses to holders of trillions of dollars worth of securities backed by what turned out to be low-quality subprime mortgages.

[Image via Agence France-Presse]

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Enjoy this piece?

… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

We need your support to keep producing quality journalism and deepen our investigative reporting. Every reader contribution, whatever the amount, makes a tremendous difference. Invest with us in the future. Make a one-time contribution to Raw Story Investigates, or click here to become a subscriber. Thank you.



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Twitter mocks ‘gibbering conspiracy loon’ Trump after he claims Google rigged the election

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On Monday, President Donald Trump made the dubious claim that Google had tried to sway the election for Hillary Clinton.

"My victory was even bigger than thought!" the president proclaimed.

Wow, Report Just Out! Google manipulated from 2.6 million to 16 million votes for Hillary Clinton in 2016 Election! This was put out by a Clinton supporter, not a Trump Supporter! Google should be sued. My victory was even bigger than thought! @JudicialWatch

— Donald J. Trump (@realDonaldTrump) August 19, 2019

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Pilgrims gather for cosmic-like ritual in Bulgaria’s mountains

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Thousands of pilgrims gathered Monday in Bulgaria's Rila mountains to welcome their "spiritual" new year with a cosmic-like dance performed in concentric circles, creating a striking image on the verdant mountain plain.

The white-clad dancers hiked up to Bulgaria's Seven Rila Lakes at an altitude of 2,100 metres (6,900 feet) and performed a special meditative dance known as "paneurhythmy" for more than an hour under the sound of singing and violins.

They are followers of the Universal White Brotherhood -- an esoteric society that combines Christianity and Indian mysticism and was founded by Bulgarian theologian Peter Deunov back in 1897 but banned during communism and still considered a sect by the country's Christian Orthodox Church.

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NBA star Stephen Curry finances college golf team for six years

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Three-time NBA champion Stephen Curry of the Golden State Warriors said Monday he will support the creation of Howard University's first top-level golf program for the next six years.

Curry, a six-time NBA All-Star guard and avid golfer, was inspired to make the contribution by Otis Ferguson IV, a senior at the Washington DC university who Curry met during a campus visit earlier this year.

Ferguson had been campaigning to establish a golf team at Howard. He found a backer in Curry, who decided establish men's and women's golf at the historically black college.

Two-time NBA Most Valuable Player Curry also persuaded golf equipment manufacturer Callaway to promise equipment and sport apparel giant Under Armour, who are one of his sponsors, to provide uniforms.

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