Citi to pay Fannie $968 million for potential mortgage repurchase claims

Reuters –  29 minutes ago

(Reuters) - Citigroup Inc (NYS:C) will pay Fannie Mae ( FNMA ) $968 million to resolve potential mortgage repurchase claims for breaches of representations on loans sold to Fannie Mae between 2000 and 2012.

Citi will record a residential mortgage repurchase reserve build of $245 million in the second quarter of 2013.

(Reporting by Tanya Agrawal in Bangalore; Editing by Saumyadeb Chakrabarty)

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