Citi Laying Off Hundreds of Servicing Employees by sale of MSRs | Jan. 17, 2014 | Mortgage Daily

``The sale of mortgage servicing rights on more than $10 billion in residential loans is prompting Citigroup Inc. to reduce its staff by hundred of positions. The New York-based company said earlier this week that it reached a deal to sell MSRs on $10.3 billion in residential first mortgages. The loans are owned or guaranteed by Fannie Mae and account for 20 percent of all of its mortgages that are at least 60 days past due.''