Citigroup Still Selling Mortgages That Violate Quality Standards

Citigroup Still Selling Mortgages That Violate Quality Standards

15% of the mortgages Citigroup sold to government-owned Freddie Mac from the second half of 2009 and the first part of 2010 were riddled with flaws, according to an internal report obtained by Bloomberg. The error rate should be about 5%. The mistakes included missing insurance docs, missing appraisals and income miscalculations. [More]