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FHLB of Des Moines settles private-label MBS litigation

Federal Home Loan Bank of Des Moines entered into a $55.5 million settlement agreement with a defendant in connection with a lawsuit on private-label mortgage-backed securities.

The company has been involved in the case following its merger with Federal Home Loan Bank of Seattle in 2015. In 2009, FHLB of Seattle filed 11 complaints relating to private-label MBS worth about $4 billion that it bought from several dealers and financial institutions. The complaints sought to rescind its purchases of the securities and the repurchases made by defendants, as the bank argued that the defendants made untrue statements and omitted important information during the sale of the securities.

The litigation against other defendants will continue.