Citigroup to pay Fannie Mae $968 million to resolve repurchase claims

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Citigroup has agreed to pay Fannie Mae $968 million to resolve potential mortgage repurchase claims for breaches of representations and warranties on 3.7 million residential first-mortgage loans that the bank sold to Fannie Mae.

“We have a strong and productive relationship with Fannie Mae. This agreement resolves substantially all potential future repurchase claims from them for loan originations from 2000 to 2012,” said Jane Fraser, CEO of CitiMortgage. “As we work to deepen and enhance financial relationships with our clients, we will continue to focus on the production of high-quality mortgage loans.” Source: Citigroup