HAGERSTOWN, MD - Citigroup Inc. is closing a unit in Hagerstown that employs about 650 people.
The company said Friday that nearly 50 jobs will be cut by the end of March as Citigroup sells the rights to service 64,000 defaulted mortgages, mostly on behalf of Fannie Mae.
Citigroup says it will end all mortgage default servicing operations in Hagerstown by year's end as part of a consolidation of that business.
Citigroup employs about 2,300 people in Hagerstown
The business of servicing loans includes collecting monthly mortgage payments.
A spokesman says the positions to be cut by March are among 950 jobs the company is eliminating across the country, including in Las Vegas, Phoenix and St. Louis.
The Hagerstown job cuts were first reported by The Herald-Mail newspaper of Hagerstown.