I just did a little search on sub prime loans to see what my
least favourite bank was up to -Citibank.
While I was doing that a dozen adds came up touting for sub-prime loan business.
Does this seem strange to you?
Citibank has a new CEO.
I wonder how much money the last one lost and how much his golden parachute will be?(
Lost- $5.9 billion in the third quarter, and potentially $8 billion to $11 billion to come-NYT)
Quote:
C i t i g r o u p : B a n k r u p t i n g D e m o c r a c y
Predatory Associates
Citigroup, Predatory Lending and the
Credit Crunch for the Poor and Working Class
. . .
. . .
Jodie Bernstein, director of FTC’s Bureau of Consumer Protection, said Associates engaged in a variety of deceptive practices.
“They hid essential information from consumers, misrepresented loan terms, flipped loans and packed optional fees to raise the costs of the loans,” Bernstein charged.
“What had made the alleged practices more egregious is that they primarily victimized consumers who were the most vulnerable –– hard-working homeowners who had to borrow to meet emergency needs and often had no other access to capital.”
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Citigroup: Bankrupting Democracy
Quote:
Late last week, a report by Michael L. Mayo, an analyst at Deutsche Bank, suggested that Merrill could be forced to write down another $2 billion in mortgage securities on top of the $8 billion write-down it has already taken.
At the end of June, Citigroup still had $13 billion in C.D.O.’s on its books, down from $24 billion in January, according to Meredith Whitney, an analyst at CIBC World Markets.
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http://www.nytimes.com/2007/11/05/business/05place.html
Quote:
Write-Downs by Big Banks Spark Rally
By ERIC DASH
Wall Street’s banking giants started to admit their problems, and investors took the disclosures as a sign that the worst may be over.
October 2, 2007BusinessNews
Is the Dance Over? Citigroup Is Upbeat
Is the Dance Over? Citigroup Is Upbeat
By ERIC DASH
Citigroup’s C.E.O., Charles O. Prince III, having confronted one crisis after another in his four years leading the bank, thinks the recent Wall Street credit problems are just another bump in the road.
August 3, 2007BusinessNews
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Citigroup Inc. News - The New York Times
Quote:
Blacks dominate subprime loans
By CARRIE TEEGARDIN
The Atlanta Journal-Constitution
Published on: 11/04/07
Black Atlantans of all income groups were much more likely than whites to take out high-interest "subprime" mortgages when buying a home, making them more vulnerable in the ongoing mortgage meltdown.
Nearly half of blacks who bought a house in 2005 or 2006 ended up with a high-interest mortgage, compared with 13 percent of white home buyers, according to an Atlanta Journal-Constitution analysis of federal mortgage data.
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Blacks dominate subprime loans | ajc.com
