Citigroup owns big stake in Fannie Mae

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Monday February 14, 06:31

Citigroup owns big stake in Fannie Mae

(by Mark Riley)

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Citigroup Inc. reported Friday it holds about 61 million shares in government-backed Fannie Mae, which is now recovering from an accounting scandal.

Citigroup is now having about 6% of Fannie Mae’s total, which may be valued at $3.8 billion, if the share price stands still, WSJ reports.

Fannie Mae, as well as its smaller sibling Freddie Mac, was involved in an accounting scandal that led to CEO and chairman ouster in December.

Citigroup was often an underwriter in Fannie’s debt offerings and was the company’s partner in a program of helping people with low incomes to get mortgages. On the other hand, Citigroup may be regarded as Fannie’s rival as they both deal with mortgage-related securities.

Another big shareholder for Fannie Mae is L.A.-based Capital Research & Management Co., which disclosed its ownership of about 11% of the Fannie Mae total as of December 31.

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12 May 2005 12:38 PM	One more accounting violation found by Fannie
11 May 2005 10:49 AM	Citigroup waiting for Belgium probe results
28 Apr 2005 02:11 PM	Spitzer probes subprime lenders, including HSBC and Citigroup

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