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Citigroup Will Pay Fannie Mae $968 Million on Faulty Loans

Summary:

  • Citigroup Inc. (C), the third-largest U.S. bank by assets, will pay Fannie Mae $968 million to compensate the taxpayer-backed mortgage buyer for more than a decade of claims tied to faulty home loans.
  • Citigroup paying it’s loans back to Fannie Mae was seen as a positive reaction, thus Citigroup rose 0.6 percent to $48.25 in New York
  • Regulators seized Fannie Mae and Freddie Mac in 2008 after their purchases of risky loans pushed them to the brink of collapse.
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July 1, 2013

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