Citi sells Fannie Mae MSRs ... to Fannie Mae for $10.3B

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Citi sells Fannie Mae MSRs … to Fannie Mae for $10.3B

Citi sells Fannie Mae MSRs … to Fannie Mae for $10.3B

Housing Wire-

Fannie Mae has purchased mortgage servicing rights on about 64,000 of its own loans from Citigroup (C), as the nation’s 3rd largest lender looks to shed future liabilities tied to its servicing practices.

The unusual transaction was announced late Wednesday, with the bank saying it had reached a definitive agreement with the GSE to sell servicing rights tied to approximately $10.3 billion of unpaid principal balances on mortgages owned by the GSE.

“The 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,” the bank said in a statement. Nearly all of the loans transfered are delinquent.

[HOUSING WIRE]

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2 Responses to “Citi sells Fannie Mae MSRs … to Fannie Mae for $10.3B”

  1. Charles Reed says:

    This is trying to cover up the fact that these loan never were secured properly. They are in the process of trying to rescind all these fatally flawed securities!

  2. Charles Reed says:

    What wrong with this picture where Fannie paying $160,000 plus per loan for mortgage servicing?

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