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Citigroup Inc announces sale of mortgage servicing rights for loans with unpaid principal balances of $10.3 bln

Wednesday, 15 Jan 2014 05:05pm EST 

Citigroup Inc:Signs a definitive agreement for the sale of Mortgage Servicing Rights for about 64,000 Fannie Mae residential first mortgage loans.Says Mortgage Servicing Rights primarily reside in Citi Holdings and are tied to Fannie Mae loans with outstanding unpaid principal balances of about $10.3 bln.Says sale includes the majority of the delinquent loans serviced by CitiMortgage for Fannie Mae, and it represents nearly 20% of the total loans serviced by CitiMortgage that are 60 days or more past due.Says as part of the agreement, Citi and Fannie Mae substantially resolved pending and future compensatory fee claims related to Citi`s servicing practices on these loans.Says transaction advances Citi`s ongoing objective to reduce assets and expenses within Citi Holdings and more efficiently aligns Citi`s mortgage servicing operations with current business needs.Says Citi will continue to explore opportunities to further reduce Citi Holdings assets.Says transfer of servicing will begin in the first quarter and will continue into the third quarter of 2014. 

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