Citigroup To Pay Freddie $395M Over Mortgage Buyback Row

Law360, New York (September 25, 2013, 8:12 PM EDT) -- 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.

The bank said the amount was covered by its current mortgage repurchase reserves as of June 30, according to its statement. The announcement followed its similar deal with Fannie Mae in July in which it agreed to pay $968 million to resolve repurchase claims related to 12 years' worth of mortgages it...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.