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News of the Competition (07/10/2014)
  • WASHINGTON (7/10/14)--Citigroup is preparing to fork over $7 billion to end a probe by the U.S. government into whether the big bank earned billions of dollars by defrauding investors with mortgage-backed security sales just before the housing bubble burst in 2008, Reuters reported Wednesday. The majority of the settlement would come in the form of cash, though several additional billions of dollars would be earmarked for struggling borrowers. The full settlement is expected to be announced by the bank and the U.S Department of Justice later this week. Wall Street analysts believe Citigroup, which is expected to post $3.4 billion in earnings in the second quarter, set aside $3 billion in reserves in advance of the settlement...
     
  • WASHINGTON (7/10/14)--Ginnie Mae is keeping a close eye on the outcome of congressional appropriations proceedings, as it's looking for funding to increase staff to keep pace with the growing number of mortgage-backed securities that it must monitor (National Mortgage News July 8). Over the last four years, mortgage-backed securities outstanding have jumped to $1.5 trillion from $1 trillion, but staff has remained "tiny," now with 110 full-time employees. In response, the White House has requested $6 million to be appropriated to Ginnie Mae for additional personnel funding. The increase would push personnel costs to $26 million for fiscal year 2014-15. While the House and Senate appropriations committees have not yet jumped on board with a White House proposal to pay for the additional personnel costs by charging Ginnie issuer/servicers a one-time commitment fee, the bodies have signaled they will increase staffing levels by $2 million in the House and $4.5 million in the Senate...


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