U.S. Bancorp Reaches $53M Settlement with Freddie Mac

U.S. Bancorp (USB) in Minneapolis has agreed to pay $53 million to Freddie Mac to resolve mortgage-repurchase obligations.

The payment will cover loans sold to the government-sponsored entity between 2000 and 2008, according to a U.S. Bancorp press release Tuesday.

The $361 billion-asset U.S. Bancorp had set aside the full settlement cost in its reserves as of Sept. 30, according to the release.

PNC Financial Services Group (PNC) agreed last week to pay Freddie Mac $89 million to repurchase obligations on loans sold during the same time period. Fifth Third Bancorp (FITB) reached a $25 million agreement with Freddie Mac in November.