This annual report describes FHFA's accomplishments, as well as challenges, the agency faced in meeting the strategic goals and objectives during the past fiscal year.
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Implement critical reforms that will produce a stronger and more resilient housing finance system.
FOSTER competitive, liquid, efficient, and resilient (CLEAR) national housing finance markets that support sustainable homeownership and affordable rental housing; OPERATE in a safe and sound manner appropriate for entities in conservatorship; and PREPARE for eventual exits from the conservatorships.
2019 Conservatorships Strategic Plan
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In 2011, the Federal Housing Finance Agency initiated litigation against 18 financial institutions involving allegations of securities law violations and, in some instances, fraud in the sale of private-label securities (PLS) to Fannie Mae and Freddie Mac (the Enterprises). Some defendants were involved in more than one of these matters. One company settled various claims or agreed to delay the statute of limitations. Below is a list of the cases with amounts of PLS settlements and a litigated resolution (#19) reached between 2013 through July 2018. Settlement of various representation and warranty and collateral matters associated with the PLS suits resulted in obtaining another $335 million.
Settlement amounts result from various factors, including statutory requirements, number of securities, unique circumstances of each matter and calculation of litigation risks.
PLS Litigation Settlements
1. General Electric Company
2. CitiGroup Inc.
3. UBS Americas, Inc. (Union Bank of Switzerland)
4. J.P. Morgan Chase & Co.
5. Deutsche Bank AG
6. Ally Financial, Inc.
7. Morgan Stanley
8. SG Americas (Societe Generale)
9. Credit Suisse Holdings (USA) Inc.
10. Bank of America Corp.11. Merrill Lynch & Co. 12. Countrywide Financial Corporation
13. Barclays Bank PLC
14. First Horizon National Corp.
15. RBS Securities, Inc. (in Ally action)
16. Goldman Sachs & Co.
17. HSBC North America Holdings, Inc. (Hong Kong Shanghai Banking Corp.)
18. Royal Bank of Scotland Group, plc
19. Nomura Holdings America, Inc.
Non-Litigation PLS Settlements
Wells Fargo Bank, N.A.
Ancillary Recoveries (noted above)
[NOTE: The Enterprises have other claims, such as where they are participants along with other parties in purchases covered by trusts. Settlements discussed here only involve PLS cases initiated by FHFA].
Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030
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