Citigroup, Fannie Announce Large Repurchase Settlement
July 3, 2013
Citigroup this week unveiled a $968 million legal settlement with Fannie Mae to cover current potential future repurchase claims for breaches of representations and warranties on 3.7 million first liens originated between 2000 and 2012. According to a statement issued by the nations sixth largest home lender, almost all of the money that will be paid to the GSE is covered by Citi's existing mortgage repurchase reserves.