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.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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