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FHLB Des Moines to settle private-label MBS litigation

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FHLB Des Moines to settle private-label MBS litigation

Des Moines, Iowa-based FederalHome Loan Bank of Des Moines entered into a $165.6 million settlementagreement with defendants in connection with a lawsuit regarding private-label mortgage-backedsecurities, according to a company 8-K.

The April 25 settlement is part of a number of legal proceedingsthe bank is involved in as a result of its mergerwith Federal Home Loan Bank of Seattle, according to its Form 10-K. The proceedingswere initiated by FHLB Seattle against various entities relating to its purchasesand subsequent impairments of certain private-label MBS.

FHLB Des Moines' litigation against other defendants continues.