Citigroup has announced an agreement to sell its $1.4 billion manufactured housing loan portfolio to 21st Mortgage Corp., a manufactured housing lender based in Knoxville, Tenn.The terms of the transaction were not disclosed. Citigroup said the cumulative effect of the sale would be an after-tax loss of approximately $120 million in the first quarter. The companies can be found online at http://www.citigroup.com and https://www.21stmortgage.com.
A tour of the technology that banking has run on, dating back to Franklin's anti-counterfeit measures and the bank-note bulletin that preceded American Banker.
Issuances of new HECM-backed securities dropped off in June on both a monthly and yearly basis, according to a new report from New View Advisors.
The vote to approve the $12 per share deal, which rejected a hostile bid from UWM Holdings, came following several postponements of a special meeting.
A mortgage customer claims his data was compromised in a hack last year at a tax and accounting firm reportedly used by the wholesale giant.
The government-sponsored enterprise clamped down on project review requirements and certain factory-built home appraisals while loosening other guidelines.
The June jobs report is creating an overhang on economist forecasts for interest rates going forward, especially when combined with recent inflation data.
