``Citigroup owned the servicing rights on $301 billion of mortgage balances at the end of June, according to the lender's quarterly securities filing. The bank valued those contracts at $2.52 billion at midyear.

MSRs are trading for between four and five times the 25 basis point servicing fee, according to Stephens. If Citigroup gets a similar price, it may collect between $630 million to $788 million in the sale, he said. ''

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