Citi agrees to pay $1.125 Billion across 68 trusts

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Citi agrees to pay $1.125 Billion across 68 trusts

Citi agrees to pay $1.125 Billion across 68 trusts

18 Institutional Investors in RMBS Issued by Citigroup Announce Binding Offer by Citigroup to Four RMBS Trustees to Settle Mortgage Repurchase Claims for 68 RMBS Trusts

4.7.2014

HOUSTON, April 7, 2014 – Today, 18 institutional investors represented by Gibbs & Bruns LLP (“Institutional Investors”) announced they have reached an agreement with Citigroup (“Citi”) under which Citi will make a binding offer (“Offer”) to the Trustees of 68 RMBS Trusts issued by Citi to settle mortgage repurchase claims.  The Institutional Investors support the agreement and have asked the Trustees to accept it.  The Trusts included in the Offer are listed on Exhibit “A.”   

The Trustees will have until June 30, 2014 to accept the Offer, which may be extended pursuant to the terms of the Offer for an additional forty-five days.  The Offer includes the following key terms:

1.      Payment by Citi of $1.125 billion in cash to the Trusts to settle mortgage repurchase claims;

2.      Reimbursement to the Trustees of expenses associated with their evaluation of the Offer; and

3.      A release of all repurchase claims that have been or could have been asserted by the Trusts.

 The Institutional Investors who are parties to the agreement are: 

·         Bayerische Landesbank

·         BlackRock Financial Management Inc.

·         Cascade Investment, L.L.C.

·         Federal Home Loan Bank of Atlanta

·         Federal Home Loan Mortgage Corporation

·         Goldman Sachs Asset Management, L.P.

·         ING Investment Management LLC

·         Invesco Advisers, Inc.

·         Kore Advisors, L.P.

·         Landesbank Baden-Wuerttemberg

·         Metropolitan Life Insurance Company

·         Pacific Investment Management Company LLC

·         Sealink Funding Limited

·         Teachers Insurance and Annuity Association of America

·         The Prudential Insurance Company of America

·         The TCW Group, Inc.

·         Thrivent Financial for Lutherans

·         Western Asset Management Company

The agreement is subject to regulatory approval by FHFA and acceptance of the Offer by the Trustees.  Pursuant to the agreement, the Institutional Investors have requested that the Trustees accept the Settlement.  The Institutional Investors have also agreed to use their reasonable best efforts to obtain court approval of the settlement, if the Trustees elect to accept the Offer and seek a judicial instruction concerning their decision to do so.  Attorneys’ fees for the Institutional Investors’ counsel, Gibbs & Bruns, will be paid in addition to—and not out of—the Settlement Payment upon the latter of the Trustees’ Acceptance or Final Court Approval, if a judicial instruction is sought. 

read more [GIBBS & BRUNS]


 

Exhibit A

CMLTI 2005-1

CMLTI 2006-NC1

CMLTI 2005-10

CMLTI 2006-NC2

CMLTI 2005-11

CMLTI 2006-NCB1

CMLTI 2005-2

CMLTI 2006-SHL1

CMLTI 2005-3

CMLTI 2006-WF1

CMLTI 2005-4

CMLTI 2006-WF2

CMLTI 2005-5

CMLTI 2006-WFH1

CMLTI 2005-6

CMLTI 2006-WFH2

CMLTI 2005-7

CMLTI 2006-WFH3

CMLTI 2005-8

CMLTI 2006-WFH4

CMLTI 2005-9

CMLTI 2006-WMC1

CMLTI 2005-HE1

CMLTI 2007-10

CMLTI 2005-HE2

CMLTI 2007-2

CMLTI 2005-HE3

CMLTI 2007-6

CMLTI 2005-HE4

CMLTI 2007-AHL1

CMLTI 2005-OPT1

CMLTI 2007-AHL2

CMLTI 2005-OPT3

CMLTI 2007-AHL3

CMLTI 2005-OPT4

CMLTI 2007-AMC1

CMLTI 2005-SHL1

CMLTI 2007-AMC2

CMLTI 2005-WF1

CMLTI 2007-AMC3

CMLTI 2005-WF2

CMLTI 2007-AMC4

CMLTI 2006-4

CMLTI 2007-AR1

CMLTI 2006-AMC1

CMLTI 2007-AR4

CMLTI 2006-AR1

CMLTI 2007-AR5

CMLTI 2006-AR2

CMLTI 2007-AR7

CMLTI 2006-AR3

CMLTI 2007-AR8

CMLTI 2006-AR5

CMLTI 2007-FS1

CMLTI 2006-AR6

CMLTI 2007-OPX1

CMLTI 2006-AR7

CMLTI 2007-SHL1

CMLTI 2006-AR9

CMLTI 2007-WFH1

CMLTI 2006-FX1

CMLTI 2007-WFH2

CMLTI 2006-HE1

CMLTI 2007-WFH3

CMLTI 2006-HE2

CMLTI 2007-WFH4

CMLTI 2006-HE3

CMLTI 2008-2

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