UPDATE 1-Barclays to pay $280 million to settle mortgage bond claims

(Updates with further details on settlement, background onlitigation)

By Nate Raymond and Margaret Chadbourn

NEW YORK/WASHINGTON, April 24 (Reuters) - Barclays Bank PLC will pay $280 million to Fannie Mae andFreddie Mac to settle claims that it sold them faultymortgage-backed securities during the housing bubble, a U.S.regulator said on Thursday.

The settlement announced on Thursday resolves claims in twolawsuits filed in New York by the Federal Housing Finance Agency(FHFA), the conservator since 2008 for the government-controlledmortgage companies.

The deal marked the 11th settlement the FHFA has reached inlitigation that commenced in 2011 when the agency filed 18lawsuits over about $200 billion in mortgage-backed securities,an investment product at the center of the recent globalfinancial crisis.

The FHFA's main case against Barclays accused the Britishbank of misleading Fannie Mae and Freddie Mac into buying $4.9billion in mortgage-backed securities that later went sour.

As part of the deal, Barclays will pay $227 million toFreddie Mac and $53 million to Fannie Mae, the FHFA said.

Barclays said in a statement it was pleased to have reacheda settlement and added it would not impact the bank's 2014earnings.

To date, the FHFA has recovered $15.9 billion in directconnection with the lawsuits over similar securities, aspokeswoman for the agency said.

The accord with Barclays follows a $9.3 billion settlementlast month with Bank of America Corp. Of that sum, $5.83billion stemmed from claims in the 2011 lawsuits, the FHFA said.

Other banks that have reached settlements include JPMorganChase & Co, Citigroup Inc, Deutsche BankAG and Morgan Stanley.

The FHFA also reached a separate $335.2 million accord withWells Fargo & Co, which it did not formally sue.

U.S. District Judge Denise Cote, who is overseeing all butone of the remaining lawsuits, has scheduled September trialdates for Goldman Sachs Group Inc and HSBC Holdingsplc.

The FHFA in a statement said it "remains committed tosatisfactory resolution of the remaining actions."

The case is Federal Housing Finance Agency v. Barclays BankPlc, et al, U.S. District Court, Southern District of New York,No. 11-06190. (Reporting By Margaret Chadbourn; Editing by Chris Reese andDiane Craft)