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Citigroup Inc. has become the second—but probably not the last—bank to bow out of the Federal Housing Finance Agency’s mortgage-backed securities litigation onslaught.

Citi revealed in a court filing on Tuesday that it reached a confidential settlement with the FHFA, which serves as conservator for Fannie Mae and Freddie Mac. The deal comes as the FHFA and its lawyers have won a series of rulings bolstering their claims that 18 of the world’s biggest banks duped Fannie and Freddie into purchasing $200 billion in MBS by misrepresenting the quality of the underlying loans.

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