Citigroup Pays $395 Million To Freddie Mac To Settle Mortgage Claims

Posted by Patrick Barnard on September 26, 2013 No Comments
Categories : Residential Mortgage

Citigroup has reportedly agreed to pay $395 million to Freddie Mac to settle claims that it sold roughly 3.7 million potentially faulty mortgages to the housing finance company from 2000 to 2012.

According to a Reuters report, the settlement also covers potential future claims arising from the loans.

In July, Citigroup agreed to pay $968 million to Fannie Mae to settle similar claims.

Jane Fraser, CEO of CitiMortgage, said in a statement that the settlement ‘marks another important milestone in successfully resolving Citi's remaining legacy mortgage issues.’

For more, check out the Reuters report.

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