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 trend is not the norm but there are growing opportunities to buy for less in some areas many people gravitate to, real-estate brokerage Redfin found.
April 24 -
While the 30-year rate landed near its level of a week ago, it ended up there only after political developments led to up-and-down swings in Treasurys.
April 24 -
It is quite likely March's drop in the Purchase Application Payment Index will be transitory as mortgage rates have increased since the start of April.
April 24 -
Small-business owners will be given the option to tap into anywhere from $50,000 to $500,000 in financing.
April 24 -
Whether current conditions favor buyers or sellers is up for debate, as economic uncertainty begins to influence consumer behavior, The Real Brokerage said.
April 24 -
Two industry organizations are giving Congress and FHFA reasons to make Fannie Mae and Freddie Mac's pricing more advantageous rather than less attractive.
April 24