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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The Community Home Lenders of America and the Community Associations Institute want the FHA to insure loans on condos approved by Fannie Mae and Freddie Mac.
September 17 -
The Federal Open Market Committee's decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.
September 17 -
Most lenders said they had already priced in the widely-anticipated decision to cut short-term rates for 30-year home loans but other products will benefit.
September 17 -
The deal for the Class A office building owner will be funded from Rithm's cash as well as liquidity on the balance sheets, plus possible co-investors.
September 17 -
Mortgage applications saw a significant jump for the second consecutive week, as homeowners took advantage of plummeting rates, the MBA said.
September 17 -
The government-sponsored enterprise is making changes to mortgage-backed securities and servicing disclosure files to support use of the advanced credit score.
September 17