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Home | Tag Archives: Citigroup

Tag Archives: Citigroup

Citigroup Reports $3.9B in Quarterly Profits

Citigroup Reports $3.9B in Quarterly Profits

Citigroup reported Monday profits of $3.9 billion in Q1, just barely edging out last year’s income of $3.8 billion. Gains were more impressive when put next to Q4’s earnings, which disappointed at $2.5 billion. The gain came despite a year-over-year drop in total revenues, which were down 1 percent to $20.1 billion as a result of declines in fixed income markets revenues and lower refinancing activity.

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Los Angeles Sues Nation’s Largest Banks

Los Angeles Sues Nation’s Largest Banks

The city of Los Angeles has launched a series of lawsuits against three of the nation's largest banks alleging they persisted in discriminatory lending practices that contributed to more than 200,000 foreclosures between 2008 and 2012 that cost the city more than $1.2 billion. The lawsuits charge all three banks with redlining and reverse redlining; the banks, however, deny the allegations.

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Treasury Adds New Compliance Metrics to Making Home Affordable

The servicer assessment component of the Making Home Affordable (MHA) program has been enhanced with new compliance metrics and benchmarks to measure the impact of servicer performance on the borrower's experience. Individual servicer assessments are conducted quarterly to identify areas of non-compliance and drive improvements in servicers' execution of the federal program.

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Major Servicers Fail Seven Settlement Compliance Tests

Major Servicers Fail Seven Settlement Compliance Tests

The former banking regulator overseeing the National Mortgage Settlement has released a summary of the latest reports he filed with a federal court in Washington, D.C. The reports detail the performance of five major servicers in meeting the terms of the agreement reached with 49 state attorneys general and federal officials. Joseph Smith says he's confirmed six fails in the first quarter of 2013 and one in the second quarter.

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Citi Profits Disappoint as Mortgage Activity Slides

Citi Profits Disappoint as Mortgage Activity Slides

Citigroup reported a third quarter net income of $3.2 billion Tuesday, slipping somewhat as higher interest rates took a bite out of mortgage revenues. The bank also suffered from $635 million worth of incremental mortgage charge-offs required by the Office of the Comptroller of the Currency's guidance on the treatment of loans where the borrower has gone through Chapter 7 bankruptcy.

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Freddie Mac Reaches Repurchase Settlement with Citigroup

Freddie Mac Reaches Repurchase Settlement with Citigroup

Citigroup and Freddie Mac have reached an agreement to settle potential future repurchase claims on millions of loans sold to the GSE in the last decade.According to a release from Citi, the bank will pay Freddie Mac $395 million, all of which is covered by its existing mortgage repurchase reserves as of the end of Q2.

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Citi Reports 42% Increase in Q2 Earnings, Lower Credit Losses

Citi Reports 42% Increase in Q2 Earnings, Lower Credit Losses

Citigroup reported a net income of $4.2 billion in Q2. The bank's earnings represent a 42 percent increase over Q2 2012's estimated $2.9 billion. According to Citi's quarterly earnings filing, the increase was driven by the higher revenues and lower net credit losses, which were partially offset by higher legal and related costs, a lower loan loss reserve release and a higher effective tax rate.

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Citi to Pay Fannie Mae $968M in Repurchase Claim Agreement

Citi to Pay Fannie Mae $968M in Repurchase Claim Agreement

Citigroup and Fannie Mae announced Monday an agreement to resolve future repurchase claims for breaches of representations of warranties on millions of loans originated between 2000 and 2012. According to release from Citi, the agreement covers 3.7 million residential first mortgage loans sold to Fannie Mae. As part of the agreement, Citi will pay Fannie Mae $968 million, ""substantially all of which was covered"" by the bank's existing mortgage repurchase reserves as of the end of the first quarter.

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FHFA, Citi Reach Settlement in MBS Suit

The Federal Housing Finance Agency (FHFA) and Citigroup have reached a settlement over allegations of fraud in the selling of $3.5 billion of mortgage-backed securities (MBS). A filing on Tuesday revealed FHFA had dropped its suit against the bank, having reached a settlement. A spokesperson for FHFA did not comment on the amount of the settlement or the terms, saying that it was ""satisfactory."" A spokesperson for Citigroup remarked only that the company is ""pleased to put this matter behind us.""

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Banks Provide $50.6B in Relief, Settlement Obligations Nearly Met

The five banks that took part in the national mortgage settlement are getting close to completing their consumer relief obligations a year after the landmark deal was reached. So far, the five banks--Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial--have provided $50.63 billion in consumer relief to over 621,700 borrowers, according to an update from the settlement monitor Joseph A. Smith, Jr. The provided relief comes out to about $81,437 per borrower.

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