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Citigroup Sells $158 Million of Mortgages to Fund Venture

Citigroup Inc., the third-biggest U.S. bank by assets, sold $158 million of mortgages to a joint venture of two investment funds as the lender disposes of unwanted home loans.

The partnership of Oaktree Capital Group LLC and Carrington Holding Co. bought the loans under a program to offer delinquent borrowers an opportunity to rent their homes as an alternative to foreclosure and eviction, the three companies said in a statement. Mark Rodgers, a spokesman for New York-based Citigroup, declined to comment on the purchase price.