Citigroup, which has not been an active warehouse lender in recent years, said Tuesday it has earmarked $2 billion in funds for warehouse lending commitments to non-bank mortgage lenders.
The money is part of $6 billion in new funding initiatives that come from government Troubled Asset Relief Program funds.
Citigroup, which owns the nation's fourth largest residential lender, said it will provide mortgage bankers with "collateralized lines of credit that are backed primarily by residential mortgages which are eligible for sale" to Fannie Mae, Freddie Mac, and the Federal Housing Administration. Few other details were available at press time.
