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Citi's Fannie Mae settlement could lend originators leverage

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Mortgage Professional America | 02 Jul 2013, 07:00 AM Agree 0
Yesterday's announcement that Citigroup will settle with Fannie Mae for $968m over mortgage buy-backs should give originators more leverage to dispute Citi’s requests, according to one industry attorney
  • John C Durham | | 02 Jul 2013, 10:44 AM Agree 0
    Yes, this case gets us closer to the Bone. Still too, too far away to avoid sending the big six into bankruptcy. $1.4Trillion in derivative paper from the world's 12 largest banks (today's best figure)...ah, show me the collateral that backs it up? These are more real assets than there are in the Universe...happy hunting finding them...

    $1Trillion lost by one of these Jokers just two weeks ago, in just one week, in Oil derivative paper...
  • JohnnyO | | 02 Jul 2013, 11:56 PM Agree 0
    They should settle with FNMA since look what happened with the clowns that run BoA and what happened when they did not settle. Now they can not close a mortgage in 3 months since all of the LO's and everyone who know something about a mortgage are now gone and BoA is a joke when it comes to financing.
  • Griff | | 03 Jul 2013, 06:19 AM Agree 0
    Where DO big banks get all this money to "settle"? The last paragraph is an explanation; like the old adage ... ____ runs downhill. They just go after the person who did not make the credit decision for the borrower to make up for their overzealous investing. Banks can do no wrong.
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