An Insider’s Look Into How Secondary Marketing Evaluates LOs

In this webinar we’ll explore the long-term financial impacts of renegotiations, extensions and fallouts, plus basic guidelines to be viewed as a professional by your secondary marketing department

HousingWire Annual Virtual Summit

Sessions from HousingWire Annual 2021 are going to be virtually streamed on October 25. Register now for FREE to tune into what housing industry leaders had to say this year!

How servicers can access timely, accurate data insights

Learn how to navigate the challenges in today’s market – for example, the need for ongoing, on-demand access to near-real-time data and the ability to access those data insights in a timely and accurate manner.

Steve Murray on new brokerage models, CFPB crackdowns

Today’s HousingWire Daily features a discussion on the emergence of a new brokerage model and the validity behind the concerns against institutional investors.

Investments

Citi nears resolution on massive mortgage fraud probe

Follows string of high profile settlements

Citi [C] is said to be nearing a settlement with the Justice department in regard to a mortgage probe investigating the allegation of fraud and document mishandling according to the Wall Street Journal.

The article points out this is the latest in a string of such investigations:

A settlement with Citigroup next week would come on the heels of an $8.9 billion deal between federal and state officials and BNP Paribas SA that required the French bank to plead guilty to criminal charges related to the violation of U.S. sanctions.

The Justice Department also has been in talks with Bank of America Corp. to resolve civil probes over its mortgage business. The Citigroup mortgage investigation is among a handful of cases relating to bank conduct ahead of the 2008 financial crisis still pending before the Justice Department.
 

According to the report, the issue at hand is the total amount.

Citigroup offered about $4 billion, while the government was seeking close to $10 billion. That is a figure the bank found "objectionable" according to people familiar with the matter, according to the article.

Last year, Mega bank JPMorgan Chase (JPM) reached a $4.5 billion agreement with 21 major institutional investors to resolve legacy mortgage-backed securities issues.

Most Popular Articles

FHFA to make desktop appraisals permanent

Desktop appraisals, a temporary flexibility implemented in March 2020 amid lockdowns and social distancing, will become permanent, the FHFA said today.

Oct 18, 2021 By

Latest Articles

Mortgage execs better prepare for redlining enforcement

Since Rohit Chopra was confirmed as the new director of the CFPB in September, there’s been one particular word on the lips of mortgage executives. And it gives them chills: redlining. HW+ Premium Content

Oct 20, 2021 By
3d rendering of a row of luxury townhouses along a street

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