Citigroup may test the auction waters with a $400 million portfolio of troubled mortgages, according to investment banking sources who have been briefed on the offering. One buyer of troubled loans told National Mortgage News that Citigroup is already "fishing for bids" on the package. A spokesman for Citi's mortgage group declined to comment. Very few large packages of nonperforming loans have changed hands over the past year unless the Federal Deposit Insurance Corp. is involved in the transaction as a partner or guarantor of some sort.
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