FINANCIAL SERVICES

CitiMortgage Inc., a unit of Citigroup, and Fannie Mae announced a $12-billion lending partnership aimed at increasing homeownership in low- and moderate-income and minority communities. CitiMortgage will originate and Fannie Mae will purchase $12 billion worth of mortgages aimed at addressing the needs of low- to moderate-income borrowers, minorities and recent immigrants. The companies said flexible home-ownership lending initiatives will be offered nationally through all CitiMortgage affiliates and its business partners, with concentrated marketing efforts in six major metropolitan areas: Los Angeles, New York, Baltimore-Washington, Chicago, Miami and San Francisco.