Tuesday, April 8, 2014

And on, and on…..

"Citigroup has agreed to pay $1.13 billion to settle claims by investors who demanded that it buy back billions in residential mortgage-backed securities.
The bank said on Monday that the pact it reached with 18 institutional investors called for Citigroup to make a binding offer to the trustees of 68 trusts it sponsored that bundled some $59.4 billion in home loans into securities from 2005 to 2008.
The settlement offer, which is subject to approval by the trustees and the court, would release Citigroup from having to buy back mortgages sold to the trusts.
But it would remain vulnerable to other types of investor claims, including misrepresentations in the offering documents associated with the securities. It could also face potential actions by regulators."