Large Win for Fannie Mae and Freddie Mac Against UBS
- August 7, 2013
- The Frankowski Firm
The Federal Housing Finance Agency (FHFA), acting on behalf of Fannie Mae and Freddie Mac, settled the third of eighteen cases filed in 2011 by the FHFA as their conservator. The settlement with UBS Americas, Inc. is for $885 million, according to the FHFA press release. The settlement came after the FHFA asserted claims against UBS of alleged violations of federal and state securities laws in connection with private-label residential mortgage-backed securities purchased by Fannie Mae and Freddie Mac, according to the press release. The suit filed against UBS stemmed from the thirty three residential, mortgage backed securities UBS sold to Fannie Mae and Freddie Mac between 2004 and 2007. The settlement calls for UBS to pay Fannie Mae approximately $415 million and Freddie Mac $470 million. The press release contains a copy of the settlement agreement. If you or someone you know has lost money as a result of an investment with Freddie Mac or Fannie Mae, please contact Richard Frankowski at 205-747-1903 to discuss your potential legal remedies.