Creditors of Lehman Brothers Holdings Inc. will receive hundreds of millions of dollars from the estate of the bankrupt firm following a settlement with Federal Home Loan Mortgage Corp, the Wall Street Journal reported today. Bankruptcy Judge Shelley C. Chapman yesterday approved a $767 million payout from Lehman to settle Freddie Mac's claims over two loans the mortgage giant made to Lehman before the investment bank's 2008 collapse. Lehman creditors already have received $60 billion out of the more than $70 billion Lehman's estate hopes to return, and more is expected in the near future. The deal is structured similarly in some ways to a recently approved settlement between Lehman and Fannie Mae, which will receive about $540 million for its claim based on the latest calculations. Freddie and Fannie will hand over loan information that will allow Lehman to pursue claims against mortgage originators for alleged misrepresentations. Lehman's lawyers said those claims can be substantial.
