Citigroup Sells $2.6 Billion Home-Loan Servicing Portfolio
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Citigroup Inc., the third-biggest U.S. bank, sold servicing rights for a $2.6 billion real estate portfolio to CWCapital LLC as Chief Executive Officer Vikram Pandit continues to offload unwanted assets.
The portfolio includes about 2,200 multifamily loans from Fannie Mae, the mortgage firm under the control of the U.S. government, CWCapital said today in a statement. Shannon Bell, a spokeswoman for New York-based Citigroup, declined to give the sale price. The loans have an average unpaid principal balance of $1.2 million, Boston-based CWCapital, a subsidiary of CW Financial Services LLC, said in the statement.