Citigroup Quits the Mortgage Servicing Business

Citigroup (NYSE: C) will no longer be active in a classic segment of the mortgage market. The bank announced that it had signed agreements to divest its mortgage servicing operations; it should be fully out of the segment by the end of next year. In order to effect this, the bank has inked deals with specialist real estate investment trust New Residential Investment (NYSE: NRZ) and servicing provider Cenlar FSB. …read more

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