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TMCNet:  LBHI Seeks Approval of Settlement for Resolution of Fannie Mae Claims

[January 23, 2014]

LBHI Seeks Approval of Settlement for Resolution of Fannie Mae Claims

NEW YORK --(Business Wire)--

The Plan Administrator for Lehman Brothers (News - Alert) Holdings Inc. ("LBHI") filed a motion today seeking approval of a settlement agreement among LBHI, Aurora Commercial Corporation, Aurora Loan Services and Federal National Mortgage Association ("Fannie Mae") resolving all of the disputes among the parties and granting Fannie Mae an allowed claim in the LBHI bankruptcy case in the amount of $2.15 bllion. As part of the settlement, LBHI retains the opportunity under certain circumstances to reduce the cost of this claim by pursuing recoveries from certain third party mortgage originators and sellers. Effectiveness of the agreement is subject to bankruptcy court approval.


The motion contains a more detailed summary of the terms of settlement and is available at www.lehman-docket.com (Docket number 42153).


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