Citigroup Selling $99 Million of Residential Nonperformers

Citigroup, a somewhat frequent seller of nonperforming loans, is in the market with a $99 million package of troubled residential mortgages, according to investors that have looked at the package.

Citi’s offering follows a large one last week by Wells Fargo & Co., which took bids on a $200 million NPL package.

Over the past year Citigroup has sold NPLs to PennyMac, a publicly traded REIT. (Citi also has lent PennyMac money through repo deals.)

A spokesman for Citigroup declined to comment on the auction except to say: “Citi routinely evaluates the opportunistic sale of assets within its larger financial strategy and has undertaken similar actions in the past.”