- Posted January 27, 2014
- Tweet This | Share on Facebook
Fannie would get about $537M in deal with Lehman
WASHINGTON (AP) -- Lehman Brothers Holdings Inc. has reached a settlement with Fannie Mae that would allow the mortgage finance giant to recover about $537 million for its claim against the estate of the failed Wall Street bank over soured mortgage securities.
The settlement announced last Thursday must be approved by a federal bankruptcy judge. It valued Fannie's claim over home loans and mortgage securities it bought from Lehman before the financial crisis at about $2.15 billion. But under Lehman's bankruptcy proceeding Fannie would get about 25 percent of that.
A Fannie official called it a fair outcome.
Fannie and sibling Freddie Mac were rescued by the government in a $187 billion bailout after they were hit by massive losses on high-risk mortgages.
Lehman's bankruptcy was the biggest in U.S. history.
Published: Mon, Jan 27, 2014
headlines Oakland County
- Appreciating members
- Woman sentenced for mortgage fraud, filing a false $374,000 tax refund return
- Whitmer signs bipartisan bills to protect Michigan children, consumers, and communities
- Grand opening celebration for food pantry increases access for Southfield Public School District families
- Nessel argues to cut Consumers Energy rate hike in half
headlines National
- Melissa Hart, the chair of the ABA Legal Ed council, dies
- Judge suspended after indictment over alleged perjury
- Bill Withers’ music publisher files copyright suit over Olivia Dean’s ‘I’ve Seen It’
- Judge reinstates US attorney in Washington fired by Trump
- Interim law dean of University of Florida named to permanent role
- Clio acquires Learned Hand, an AI company for courts, judges
