Items Tagged with 'CitiMortgage Inc.'

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  • Then There Were Seven: Ocwen Gets Treasury Funds

    [Update 1 reflects clarified stock prices.] West Palm Beach-based Ocwen Financial Corp. Inc. [stock OCN][/stock] on Thursday joined the ranks of the first servicers to receive federal funds through the Treasury Department in order to facilitate participation in the Making Home Affordable Modification Program. The Treasury investment is not the only source of outside funding Ocwen stands to recieve, as its operational model continues to change and improve, according to a credit rating agency.
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  • Six Servicers Get $9.9B For Loan Modifications

    The U.S. Treasury Dept. said Wedensday evening that it had completed arrangements with the first six major mortgage servicers to participate in a much-publicized program announced by the Obama administration to modify three to four million mortgages. The program, part of the Homeowners Affordability and Stability Plan detailed in March, will provide the selected servicers with a combined maximum of $9.9bn to modify troubled mortgages.
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  • Questions Surround FHA's Push into Troubled Mortgages

    Key executives from some of the nation's largest mortgage servicing shops gathered on Capitol Hill Wednesday, testifying before the House Financial Services Committee over the recently-passed and soon-to-be-implemented Hope for Homeowners program that will see the Federal Housing Administration's authority to underwrite refinanced mortgages for troubled borrowers expanded by a whopping $300 billion. The new program is expected to become effective on Oct. 1.
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  • Citigroup to Streamline Mortgage Ops; Will Consolidate Primary, Secondary Market Activities

    An internal memo leaked to various press outlets on Tuesday afternoon finds that Citigroup, battered and bruised from the mortgage mess, will consolidate its mortgage operations under one roof. The streamlining effort will bring origination, servicing and capital markets operations together within one business line. The memo, which Reuters reports was confirmed by a Citigroup spokesperson, said that Bill Beckmann, president and COO of CitiMortgage Inc., will oversee the new business.
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  • Citigroup to Acquire ABN AMRO Mortgage Group

    Citigroup announced today that it will acquire Ann Arbor, Mich.-based ABN AMRO Mortgage Group (AAMG), a national originator and servicer of prime residential mortgage loans. Citigroup will purchase approximately $9 billion in net assets and ABN AMRO Mortgage Group's approximately $224 billion mortgage servicing portfolio. ABN AMRO Mortgage Group, a subsidiary of LaSalle Bank Corporation and ABN AMRO Bank N.V., conducts its primary originations business via wholesale lending under the InterFirst brand. Terms of the transaction were not disclosed.
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