HALISTER: Citigroup Exiting U.S. Mortgage Servicing; Selling Rights to NRZ

Citigroup Exiting U.S. Mortgage Servicing; Selling Rights to NRZ

(Bloomberg) -- Citigroup says it’s exiting mortgage servicing operations by end of 2018 to intensify focus on originations; move is “intended to simplify CitiMortgage’s operations, reduce expenses, and improve returns on capital.”
  • Agrees to sell mortgage servicing rights, related servicing, on ~780,000 Fannie Mae, Freddie Mac loans of non-Citibank retail customers with outstanding balances ~$97b to New Residential Mortgage
  • Sale subject to approval of agencies and FHFA
  • Due to be completed in 1H
  • Also in subservicing agreement with Cenlar FSB for remaining Citi-owned loans, other MSRs not sold to NRZ
    • Sees loan servicing transferred to Cenlar beginning in 2018
  • C sees deals hurting pre-tax results by ~$400m, including a loss on sale, transaction costs, in 1Q
    • Ex items, sees minimal impact on operating revenues in 2017, with expense benefits beginning to accrue in 2018, fully realized in 2019
  • NOTE: Earlier, Citigroup Said Near Exiting Servicing Mortgages Business: WSJ
Statement:Link
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
C US (Citigroup Inc)
NRZ US (New Residential Investment Corp)
FNMA US (Federal National Mortgage Association)
FMCC US (Federal Home Loan Mortgage Corp)

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UUID: 7947283

(2) *CITIGROUP TO EXIT MORTGAGE SERVICING OPS BY END OF 2018

*CITIGROUP TO EXIT MORTGAGE SERVICING OPS BY END OF 2018

Alerts: HALISTER, HALISTER1
Source: BN (Bloomberg News)

Tickers
C US (Citigroup Inc)

People
Cd Davies (Citigroup Inc)
Mark Rodgers (Citigroup Inc)

Topics
Financial Firm Departures

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UUID: 7947283

HALISTER1: Fugitive Ex-Billionaire Batista Flying to Brazil to Face Arrest

Fugitive Ex-Billionaire Batista Flying to Brazil to Face Arrest

Alert: HALISTER1
Source: BN (Bloomberg News)

Tickers
PETR4 BZ (Petroleo Brasileiro SA)

People
Eike Batista (EBX Group Co Ltd)
Joao De Castro Neves (Eurasia Group)
Sergio Cabral (State of Rio De Janeiro)

Topics
Bloomberg Politics
Criminal Practice & Procedure
Global Featured Stories

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UUID: 7947283

HALISTER1: Caja Rural de Granada S.C.C. Covered Bonds (Cédulas Hipotecarias - Mortgages) - DBRS Surveillance Report

Caja Rural de Granada S.C.C. Covered Bonds (Cédulas Hipotecarias - Mortgages) - DBRS Surveillance Report

Alert: HALISTER1
Source: DBR (Dominion Bond Rating Service)

People
Antonio Laudani (DBRS Inc)

Topics
Asset Class Focused Research
Credit Analysis Research
Credit Research
Fixed Income Research
Investment Research

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UUID: 7947283

HALISTER1: How a Russian Banker’s $25 Million Bonus Landed Him in Jail (1)

How a Russian Banker’s $25 Million Bonus Landed Him in Jail (1)

Alert: HALISTER1
Source: BN (Bloomberg News)

People
Alessandro Gherzi (Otkritie Capital International Ltd)
George Urumov (Otkritie Capital International Ltd)
Roman Lokhov (Bcs Financial Group)
Ruslan Pinaev (Otkritie Bank OJSC)
Sergey Kondratyuk (Otkritie Bank OJSC)

Topics
Global Featured Stories

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UUID: 7947283

HALISTER1: Philippine Anti-Money Laundering Executive Director Abad Quits

Philippine Anti-Money Laundering Executive Director Abad Quits

(Bloomberg) -- Julia Abad says in statement she will leave post as executive director of Anti-Money Laundering Council effective Jan. 31.
  • Council will have to transform its strategy, and direction of the agency “would have to come from a different leadership”
  • Abad says council members have “unsullied integrity”
  • NOTE: Duterte Warns Dirty-Money Watchdog: Cooperate on Probe or Else Link
-- With assistance from Clarissa Batino
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Julia Bacay-Abad (Anti-Money Laundering Council)

Topics
Management Changes

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UUID: 7947283

HALISTER1: CORRECT: Indonesia Suspects Drug Link at Illegal Money Changers

CORRECT: Indonesia Suspects Drug Link at Illegal Money Changers

(Bloomberg) -- (Corrects spelling of director’s name in lead) The National Narcotics Agency suspects illegal money changers of being involved in drug trafficking, Rokhmad Sunanto, director for money laundering at the agency, tells reporters in Jakarta.
  • Money changers may be unaware of drug-trafficking activity, but there’s reason to suspect they know if there has been multiple transactions: Sunanto
  • Finance Minister has agreed that some assets confiscated by the agency may be repurposed for the agency’s activities, including prevention and rehabilitation: Sunanto
  • Bank Indonesia notes 612 unlicensed money changers as of Oct, with all of them required to get a license by April 7, says Eni Panggabean, head of financial system policy and supervision at Bank Indonesia
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
BI IJ (Bank Indonesia)

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UUID: 7947283

HALISTER1: BI Europe Financial Policy Tracker Key Events: Payment-Services

BI Europe Financial Policy Tracker Key Events: Payment-Services

Alert: HALISTER1
Source: BI (Bloomberg Intelligence)

Tickers
BARC LN (Barclays PLC)
INGA NA (ING Groep NV)
MA US (Mastercard Inc)
0916972D LN (Nationwide Building Society)
PYPL US (PayPal Holdings Inc)

Topics
BI Analysis

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UUID: 7947283