Citigroup Inc. has become the second but probably not the last bank to bow out of the Federal Housing Finance Agency’s mortgage-backed securities litigation onslaught.
Citi revealed in a court filing on Tuesday that it reached a confidential settlement with the FHFA, which serves as conservator for Fannie Mae and Freddie Mac. The deal comes as the FHFA and its lawyers have won a series of rulings bolstering their claims that 18 of the world’s biggest banks duped Fannie and Freddie into purchasing $200 billion in MBS by misrepresenting the quality of the underlying loans.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
