Thirteen major financial institutions have agreed to pay a combined $337 million to settle an antitrust lawsuit accusing their trading desks of engaging in a price-fixing scheme for Fannie and Freddie debt.
A panel of the 8th Circuit Court of Appeals, in a ruling earlier this month, said a reseller of mortgages can demand that an originator repurchase defective loans, even though the contract between the two companies did not specify a timeframe within which the originator had to cure any defects. The decision reversed a lower court’s ruling.
In a class action lawsuit filed last month in the U.S. District Court for the Southern District of New York, a group of institutional investors allege that several Fannie Mae- and Freddie Mac-approved dealers colluded in a systematic scheme to manipulate prices in the secondary market for agency debt.
No immediate replacement was announced for Stanley on Fannie’s board.
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