Citigroup to pay Freddie Mac $395 million to resolve mortgage claims

NEW YORK (MarketWatch) — Citigroup Inc. C, -3.59% said late Wednesday that it will pay $395 million to Freddie Mac to settle accusations that the bank misrepresented mortgage-backed securities.

(Reuters) – Citigroup Inc on Wednesday said it agreed to pay $395 million to Freddie Mac to resolve claims of potential flaws in roughly 3.7 million mortgages it sold to the housing finance company.

Citi agreed to pay freddie mac 5 million under the agreement, all of which was covered by Citi’s existing mortgage repurchase reserves as of June 30, 2013. Jane Fraser, CEO of CitiMortgage, said, "Today’s agreement with Freddie Mac marks another important milestone in successfully resolving Citi’s remaining legacy mortgage issues.

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Citigroup Inc. on Wednesday said it agreed to pay $395 million to Freddie Mac to resolve claims of potential flaws in roughly 3.7 million mortgages it sold to the housing finance company from 2000 to 2012.

(Reuters) – Citigroup Inc on Wednesday said it agreed to pay $395 million to Freddie Mac to resolve claims of potential flaws in roughly 3.7 million mortgages it sold to the housing finance company.

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Citigroup, the third-largest U.S. bank, agreed to pay Freddie Mac $395 million to resolve potential future repurchase claims tied to mortgages. The accord covers about 3.7 million loans sold to.

Legislative Experts Question Legality of Treasury’s GSE Moves. In an article in national mortgage news, two legislative experts said that the Treasury Department has exceeded its authority by keeping Fannie Mae and Freddie Mac in conservatorship for so long and taking all their profits.

Citigroup Inc. has agreed to pay $395 million to Freddie Mac to resolve repurchase claims over some 3.7 million loans the bank had sold the mortgage giant from 2000 to 2012, Citigroup said Wednesday.

Sept 25 (Reuters) – Citigroup Inc on Wednesday said it agreed to pay $395 million to Freddie Mac to resolve claims on potential flaws in roughly 3.7 million mortgages it sold to the housing finance.

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