Citigroup has agreed to purchase ABN Amro Mortgage Group, Ann Arbor, Mich., for an undisclosed sum, a purchase that will make it the nation's fourth-largest residential servicer, with $728 billion in receivables.The sale effectively removes AAMG -- once the nation's largest wholesale funder -- as a major player in mortgages. The sale includes the broker platform, InterFirst, and Mortgage.com. AAMG's parent, LaSalle Bank Corp., will continue to fund mortgages and home equity loans through its branch network. According to a statement issued by ABN, Citi will purchase $9 billion in net assets, $3 billion of which represents the value of ABN's $228 billion servicing portfolio. In November, National Mortgage News broke the news that ABN Amro was for sale. The deal is expected to close by the end of the first quarter. The companies can be found online at http://www.citigroup.com and http://www.abnamro.com.
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Bill Pulte, regulator and conservator of entities that buy and securitize many mortgages, also reaffirmed he's 'not happy with" lenders' main score provider.
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In some California markets, a household would need a six-figure raise to afford monthly payments on a typical home, new Zillow research found.
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The former management and program analyst, working three jobs, submitted time sheets showing over 24 hours of work per day, prosecutors said.
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Democrats reintroduce a $100 billion housing equity bill to help first-generation buyers and address racial disparities in homeownership.
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The Financial Technology Association — which had been granted the right to defend the Consumer Financial Protection Bureau's open banking rule after the bureau declined to defend it — filed a motion Sunday to preserve the rule.
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The Senate advanced the One Big Beautiful Bill Act through a procedural vote, opening the legislation for debate followed by Monday's vote-a-rama.
June 30