Citigroup to buy mortgage firm.Citigroup has announced that it will acquire Principal Residential Mortgage, Inc. Headquartered in Des Moines, Iowa “Des Moines” redirects here. For other uses, see Des Moines (disambiguation). Des Moines (pronounced /dɪˈmɔɪn/ in English, , PRMI PRMI Primary Residential Mortgage Inc is one of the largest independent mortgage servicers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The company originates, purchases, sells and services home loans, consisting primarily of conventional, conforming, fixed-rate prime mortgages. It is owned by The Principal Financial Group. The transaction includes approximately $6.9 billion in assets and also includes $137 million of franchise premium. It is expected to be accretive to Citigroup's 2004 earnings and is subject to customary regulatory approvals. The transaction is expected to close prior to year-end. Carl Levinson, Chairman of CitiMortgage, Inc. ("CMI (Computer-Managed Instruction) Using computers to organize and manage an instructional program for students. It helps create test materials, tracks the results and monitors student progress. "), said, "The acquisition of PRMI strengthens CMI's position as a leading servicer and provider of residential mortgages and supports our stated objective to grow our servicing portfolio and customer base." |
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