Tuesday, July 2, 2013

Pay Backs A Bitch!

Citigroup has to pay Fannie Mae NINE HUNDRED SIXTY EIGHT MILLION dollars in a Repurchase Claim Agreement! Good.

This is an agreement to resolve future repurchase claims for breaches of representations of warranties on millions of loans originated between 2000 and 2012.

Citi also stated that it will continue to work with Fannie on repurchases of any mortgages to the GSE that do not meet its requirements....in a timely fashion.

These were loans sold to Fannie Mae with expectations of performance.

The agreement claims to show that Citi wants to work with Fannie and resolve repurchase issues, compensate taxpayers for losses and to have Fannie and Citi move forward to strengthen the relationship between the two.

I still say Damn Good!

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