Citigroup agrees to pay $968M to Fannie Mae - Boston News, Weather, Sports | FOX 25 | MyFoxBoston

Citigroup agrees to pay $968M to Fannie Mae

Posted: Updated:

NEW YORK (AP) -- Citigroup has agreed to pay $968 million to Fannie Mae to resolve potential future repurchase claims on residential mortgage loans originated between 2000 and 2012.
 
   The agreement covers claims for breaches of representations and warranties on 3.7 million loans. The deal doesn't release Citigroup's liability for servicing and other ongoing contractual obligations for the loans.
 
   The bank anticipates a $245 million residential mortgage reserve for its second quarter, consistent with reserves from recent quarters. The company will report its quarterly results on July 15.
 
   Citigroup Inc. said Monday that it will continue to work with Fannie Mae on buying back any mortgage loans sold to the government-controlled mortgage entity that don't meet its requirements.
 
   Citigroup's stock added 30 cents to $48.27 in premarket trading.

  • Your MoneyMore>>

  • Grocery-store etiquette

    Grocery-store etiquette

    Friday, April 18 2014 4:28 PM EDT2014-04-18 20:28:50 GMT
    Whether barricading shopping aisles with abandoned carts, massaging every piece of fruit in the building, or blankly staring at a shelf of items so no one else can pick one, grocery store pests can turn a quick trip to restock your fridge into a nightmare.
    Whether barricading shopping aisles with abandoned carts, massaging every piece of fruit in the building, or blankly staring at a shelf of items so no one else can pick one, grocery store pests can turn a quick trip to restock your fridge into a nightmare. In the hope of gently educating those unclear on grocery-shopping etiquette, we asked you to help us put together a list of what not to do.
  • Basil farm ready to switch to marijuana

    Basil farm ready to switch to marijuana

    Friday, April 18 2014 4:11 PM EDT2014-04-18 20:11:50 GMT
    Basil plants grow on a New Jersey farm, but the facility could be turned into a five-acre medical marijuana greenhouse with only 48 hours' notice. The hoses from the state-of-the-art Dutch hydroponic system are watering flowers now, but with a few minor adjustments could just as easily grow marijuana plants for medicinal cannabis. The only reason it's not happening now is because the company is publicly traded and subject to federal law.
    Basil plants grow on a New Jersey farm, but the facility could be turned into a five-acre medical marijuana greenhouse with only 48 hours' notice. The hoses from the state-of-the-art Dutch hydroponic system are watering flowers now, but with a few minor adjustments could just as easily grow marijuana plants for medicinal cannabis. The only reason it's not happening now is because the company is publicly traded and subject to federal law.
  • Do you waive your right to sue if you follow a company on social media?

    Do you waive your right to sue if you follow a company on social media?

    Friday, April 18 2014 8:19 AM EDT2014-04-18 12:19:02 GMT
    General Mills quietly tweaked its legal policies, which made getting coupons or joining a contest online two things that would simultaneously prevent you from being able to sue the company. But what about Tweeting or just liking a General Mills company's Facebook page? There's concern about that, too.
    General Mills quietly tweaked its legal policies, which made getting coupons or joining a contest online two things that would simultaneously prevent you from being able to sue the company. But what about Tweeting or just liking a General Mills company's Facebook page? There's concern about that, too.
Powered by WorldNow

25 FOX Drive
Dedham, MA 02026

Phone (781) 467-2525

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices