U.S. Bancorp (NYSE:USB) announced today that it had entered into an agreement with the Federal Home Loan Mortgage Corporation (Freddie Mac) that resolves substantially all repurchase obligations related to representations and warranties made on loans sold to Freddie Mac between 2000 and 2008.
After adjusting for credits related to prior repurchases, U.S. Bancorp will make a one-time $53 million cash payment to Freddie Mac. At September 30, 2013, U.S. Bancorp had fully reserved for the cost of the agreement.
About U.S. BancorpMinneapolis-based U.S. Bancorp, with $361 billion in assets as of September 30, 2013, is the parent company of U.S. Bank, the 5th largest commercial bank in the United States. The Company operates 3,088 banking offices in 25 states and 4,937 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at usbank.com.