REMEMBER WHEN FANNIE WAS RESPONSIBLE FOR THE GREAT RECESSION?

Conservative gasbags blamed the Great Recession on Fannie, Freddie and the CRA.  At the very least, they need to retract their claim about Fannie Mae.

Citigroup Will Pay $968M To Fannie Mae Over Mortgage Loans
Associated Press July 1, 2013, 1:14 PM

NEW YORK (AP) — Citigroup has agreed to pay $968 million to Fannie Mae to resolve potential future repurchase claims on residential mortgage loans originated between 2000 and 2012.

Fannie and Freddie have since said that the banks misled them by not telling them the true condition of the mortgages they were buying. For several years, they have been demanding that the banks repurchase the mortgages.

The agreement between Citigroup and Fannie Mae covers claims for breaches of representations and warranties on 3.7 million loans. The deal doesn’t release Citigroup’s liability for servicing and other ongoing contractual obligations for the loans.

Citigroup said that it is also still liable for a group of less than 12,000 loans originated between 2000 and 2012, including loans sold with a performance guaranty or under special credit enhancement programs.