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Tag Archives: Citigroup

Citi, Fannie Mae Announce $968M Repurchase Agreement

Citigroup and Fannie Mae announced Monday an agreement to resolve future repurchase claims for breaches of representations of warranties on millions of loans originated between 2000 and 2012. As part of the agreement, Citi will pay Fannie Mae $968 million, "substantially all of which was covered" by the bank's existing mortgage repurchase reserves as of the end of the first quarter. The settlement covers 3.7 million first mortgage loans sold to the GSE.

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FHFA, Citigroup Settle MBS Claims

The Federal Housing Finance Agency (FHFA) and Citigroup have reached a settlement over allegations of fraud in the selling of $3.5 billion of mortgage-backed securities.

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FBR’s Market Forecast Brightens After Predictions of Slow Quarter

After recently reporting predictions of declining originations, FBR Capital Markets & Co., now says the market looks a little brighter, and a resurgence of refinances through the Home Affordable Refinance Program (HARP) will contribute to originations volumes this year. While FBR maintains its prediction that origination volume will be lower than the volumes recorded in the second half of last year, the company now suggests originations "will largely be better than the 20-25 percent drop-off we projected late last week."

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Freddie Mac Sues Dozens over Rate-Rigging Losses

The story of the London Interbank Offered Rate (Libor) scandal added another chapter in March as Freddie Mac brought suit against Barclays, Bank of America, Citibank, and several other institutions for investment losses related to alleged rate-rigging practices.

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Origination Volume Climbs 30 Percent in 2012

Mortgage origination volume continued to climb in 2012, according to data from Mortgage Daily's 2012 Mortgage Lender Ranking. According to data collected from surveys, earnings filings, and other public disclosures, loan volume across all lending firms grew 30 percent annually in 2012. In the fourth quarter alone, Mortgage Daily reports residential originations coming in around 3 percent above third-quarter volume. Year-over-year, Q4 saw mortgage production grow 17 percent.

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Bank Brand Values Higher Than Ever, Wells Fargo in the Lead

Bank brand values across the globe are on the rise, charting their highest values ever and double their values in 2009, during the financial crisis, according to the results of an annual study by Brand Finance. The most valuable bank brand worldwide is Wells Fargo, with a $26 billion brand, according to the study.

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