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Citigroup, Goldman, UBS in $235 million mortgage settlement

By Jonathan Stempel NEW YORK (Reuters) – Citigroup Inc , Goldman Sachs Group Inc and UBS AG agreed to pay $235 million in cash to settle U.S. litigation accusing them of concealing the risks of mortgage securities sold by the former Residential Capital LLC before the global financial crisis. The preliminary settlement with investors who bought the securities was made public on Friday in filings …

Improving Mortgage Origination Activity Likely To Extend Into Q4

While the impact on banks such as Bank of America and Citigroup, which were forced to slash their mortgage operations in the wake of the recession, has been negligible, those such as Wells Fargo and U.S. Bancorp – which bulked up their mortgage banking businesses considerably after the economic downturn – have been hit the most. The steady increase in the number of mortgage applications over the …