Arab Today, arab today citigroup to pay freddie mac 395m settlement
Last Updated : GMT 06:53:52
Arab Today, arab today
Arab Today, arab today

Citigroup to pay Freddie Mac $395m settlement

Arab Today, arab today

Arab Today, arab today Citigroup to pay Freddie Mac $395m settlement

New York - AFP

US banking giant Citigroup Wednesday announced an agreement to pay Freddie Mac $395 million to settle claims of potential flaws in millions of mortgages it sold Freddie. Wednesday\'s settlement covers potential future claims on 3.7 million loans sold to the quasi-public Freddie between 2000 and 2012, a period that includes the housing boom. Freddie has contended that Citi and other banks sold it loans that did not meet key standards. Citi said it would finance the payment with its existing mortgage repurchase reserves. Banks must make representations to Freddie about the loans before they are sold. If the claims are faulty, the bank can be forced to repurchase the loans. Wednesday\'s settlement ends the back-and-forth between Freddie and Citi on the loans at issue. In May, Citi reached a settlement with the US Federal Housing Finance Agency over charges Citi violated federal securities laws in the sale of residential mortgage-backed securities to Fannie Mae and Freddie Mac. The FHFA is the conservator for the two mortgage-finance giants. Terms of the Citi-FHFA settlement were not disclosed.   Wednesday\'s agreement marks Citi\'s latest effort to move past a trove of litigation and other problems after the housing bust. Citi and other leading banks have faced a huge number of claims related to problematic loans that were granted.    \"Today\'s agreement with Freddie Mac marks another important milestone in successfully resolving Citi\'s legacy mortgage issues,\" said Jane Fraser, chief executive of CitiMortgage. A Freddie Mac spokesman also praised the deal. \"We believe the agreement is an equitable one that resolves legacy repurchase issues and allow both companies to move forward,\" Freddie Mac spokesman Tom Fitzgerald said. In July, Citi announced a similar settlement with Fannie Mae for $968 million.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today citigroup to pay freddie mac 395m settlement Arab Today, arab today citigroup to pay freddie mac 395m settlement

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today citigroup to pay freddie mac 395m settlement Arab Today, arab today citigroup to pay freddie mac 395m settlement

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday