Seeking Alpha

Citi to pay $1.125B in MBS settlement

  • Citigroup (C) has reached a deal with 18 institutional investors regarding "private-label securitization representation and warranty repurchase claims."
  • The bank will "make a binding offer to the trustees of 68 Citi-sponsored mortgage securitization trusts to pay $1.125 billion to the trusts, plus certain fees and expenses."
  • The trusts collectively issued $59.4B worth of residential MBS. If the deal is accepted by the trustees, it would "release Citi's obligation to repurchase mortgage loans sold into the trusts, or make the trusts whole, for outstanding or potential claims for breaches of representations and warranties on the loans."
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Comments (5)
  • DeepValueLover
    , contributor
    Comments (10028) | Send Message
     
    Just another brick in the wall...
    7 Apr 2014, 07:15 PM Reply Like
  • principe
    , contributor
    Comments (23) | Send Message
     
    Sold one half of my Citi holdings this morning....coincidence ? will know tomorrow since it could go either way. To my comfort kept the losing C account and I am running ( laughing all the way to the bank ) with the 2013 happy shs.
    7 Apr 2014, 07:30 PM Reply Like
  • kimboslice
    , contributor
    Comments (1683) | Send Message
     
    Citi is despicable. After losing billions and needing the USA taxpayer to bail them out for their greed and stupidity, Citi paid Rubin $120 million.

     

    The guy running Banamex wasn't fired, although Banamex/Citi lost $400 million to fraud in Mexico.

     

    Citi should be broken up.
    7 Apr 2014, 08:39 PM Reply Like
  • cwebjohn
    , contributor
    Comments (174) | Send Message
     
    I keep buying. Thanks for selling.
    7 Apr 2014, 10:44 PM Reply Like
  • duggard
    , contributor
    Comments (107) | Send Message
     
    Time to buy Citi
    7 Apr 2014, 11:44 PM Reply Like
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