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.
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]
CNN conservative zaps every Trump supporters’ argument against impeachment
Republican-turned-Independent David Gergen served in four presidential administrations, two of which were impeached. When he heard one of President Donald Trump's shills on CNN Wednesday evening, he was quick to flatten the argument.
Scott Jennings argued that what Democrats were doing was unprecedented, but CNN commentator Kirsten Powers said that former President Bill Clinton was nearly thrown out of office for lying about an affair, something she argued was far less important than extorting a foreign power to sway a presidential election.
Seth Meyers flattens Trump’s latest impeachment defense tactic — ‘slurring like a lunatic’ during rallies
Late-night comedian Seth Meyers observed that most people who were inches from being fired from their job would try and prove that they should remain. President Donald Trump, however, has taken a different path, "slurring like a lunatic while throwing in some of his trademark sexism."
Meyers played a clip of Trump's rally where he went after everything from admitting he demanded the Ukraine president say what he asked and an allegation that there'd be windmills all over the country under Hillary Clinton. Trump previously alleged that wind energy is dangerous because the windmills cause ear cancer. After an attack on Beto O'Rourke, Trump turned to Elizabeth Warren, who he said, "opened her fresh mouth."
Rachel Maddow wonders if Putin told Trump Seoul was nowhere near North Korea to mess with him
MSNBC host Rachel Maddow was flabbergasted by the recent revelation that Trump thought he could displace an entire South Korean city so that the 2,000 year-old capital would be safer. To make matters worse, President Donald Trump asked Russian President Vladimir Putin what he wanted the U.S. leader to do with North Korea.
The host compared the move to what it would be like to move the entirety of New York City, which has a smaller population than Seoul.