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FHFA Reaches Another Non-Agency MBS Settlement

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The regulator of Fannie Mae and Freddie Mac has nailed down another settlement from lawsuits it filed over misleading statements on mortgage-backed securities the two firms purchased.

As of earlier this month, the Federal Housing Finance Agency already had $9.13 billion in private-label MBS settlements under its belt.

Now the aggregate settlements have grown even larger with another settlement that was announced by the FHFA on Thursday.

According to the regulator, Société Générale agreed on Tuesday to settle.

The Paris-based company was named as a defendant in one of 18 lawsuits filed in 2011 by FHFA over allegedly misleading statements made on private-label MBS sold to Fannie and Freddie.

The agreement calls for Société Générale to pay $122 million. Roughly half of the proceeds will go to Fannie and half will go to Freddie.

This was the eighth such settlement reached by FHFA.

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