The Federal Housing Finance Agency (FHFA), as conservator of Fannie Mae and Freddie Mac, has announced a settlement for US$550 million with HSBC North America Holdings, related companies and specifically named individuals (HSBC).
The settlement resolves claims in the lawsuit FHFA v. HSBC North America Holdings Inc., et al. (S.D.N.Y.), alleging violations of federal, Virginia and District of Columbia securities laws in connection with private-label mortgage-backed securities purchased by Fannie Mae and Freddie Mac during 2005-2007.
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Pursuant to the agreement, HSBC will pay $374 million to Freddie Mac and $176 million to Fannie Mae.
Only two of the 18 lawsuits FHFA filed in 2011 have not been resolved. FHFA remains committed to satisfactory resolution of these actions.
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