Citigroup to Pay $968 Million to Fannie Mae on Faulty Loans (BOA paid $11.7 billion)
By Hugh Son - Jul 1, 2013 Bloomberg New York
Citigroup Inc. (C), the third-largest U.S. bank by assets, agreed to pay Fannie Mae $968 million to settle claims tied to more than a decade’s worth of defective home loans sold to the taxpayer-backed mortgage firm.
The agreement includes 3.7 million mortgages originated between 2000 and 2012, the New York-based bank said today in a statement. While the payments were covered by existing reserves, the bank said it will set aside an additional $245 million in the second quarter. Results will be reported on July 15.
Citigroup Inc. joins firms including Bank of America Corp. in settling claims that they failed to check details such as borrowers' income when they created home loans. Photographer: Munshi Ahmed/Bloomberg
Citigroup joins firms including Bank of America Corp. in settling...
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This would've been done world wide. We are going to see our corrupt banks and their corrupt buddies put behind bars where they bel -
Dirty-Aust-Ban$ters"heads-up", lenders typically promise to provide refunds if such flaws are later found in docs backing mortgage
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Aha! And do they put that promise in writing? Is it part of a contract with AOFM or ...? Does this mean investors have a faulty g
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Lisa, every BCFSA member in a position to demonstrate clear LAF discrepancies known, ought to have been known, by their scum bank$
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I certainly hope our authorities see this and understand the same outcome must happen here in Australia, for the dirty, scamming,