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FHLB San Francisco, certain defendants settle litigation related to private-label MBS

TheFederal Home Loan Bank of SanFrancisco has entered into settlement agreements with certaindefendants in connection with its private-label mortgage-backed securitieslitigation for the gross aggregate settlement amount of $265 million, accordingto a Form 8-K filed March 31.

Thisresulted in a gain of $211 million, after netting certain legal fees andexpenses and, with respect to certain claims, excluding an additional amount thatis subject to the outcome of potential future events.

The bank'slitigation continues against various dealers and underwriters.