Citi to pay Fannie $968 mln for potential mortgage repurchase claims

July 1 Mon Jul 1, 2013 8:53am EDT

July 1 (Reuters) - Citigroup Inc will pay Fannie Mae $968 million to resolve potential mortgage repurchase claims for breaches of representations on loans sold to Fannie Mae between 2000 and 2012.

Citi will record a residential mortgage repurchase reserve build of $245 million in the second quarter of 2013.