Why Bad News Can't Stop Citi Investors Todayhttp://www.fool.com/investing/general/2013/07/01/why-citigroup-is.aspx John Grgurich
July 1, 2013
After beating out Friday's market correction, two and half hours into trading today, Citigroup (NYSE: C) stock continues its strong performance: up a big 2.2%, despite breaking news it owes Fannie Mae almost $1 billion over bad mortgages it sold the government-run housing giant.
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"This agreement resolves substantially all potential future repurchase claims from them for loan originations from 2000 to 2012." So said CitiMortgage CEO Jane Fraser, in the same statement announcing the settlement.
Foolish bottom line
JPMorgan Chase (NYSE: JPM) is up only 1.2% today. Up by 1.9%, Bank of America (NYSE: BAC) s