Layoffs from Citi Consolidation
Not Yet Known
Last Updated Tuesday, January 15, 2008 08:58 PM CST
Citi Residential Lending has been merged into CitiMortgage,
according to a company memo to employees. The combined
operation is expected to be "an end-to-end U.S. residential
mortgage business that includes origination, servicing and
capital markets securitization execution." A spokesman would
not comment on potential layoffs or charges associated with the
move, noting they are just beginning the integration process."
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One Man’s Opinion:
Citi Residential’s was failure disguised as a “merge with Citi Mortgage.”
CitiMortgage is one of dozens of CitiGroup subsidiaries and is likely to
be next in line to collapse.
Bottom Line: Just as I predicted last year Citi Residential failed shortly
before Super Bowl time.
The status of arch mortgage fraud criminal James Brantley is currently
unknown. Brantley whom Citi Residential hired after he helped drown
AMC in a quagmire of lawsuits, judgments, criminal fraud, and red ink
is likely out of a job again as Citi discovers that cheating both investors
and customers is a dreadful business formula.
Submitted by Ed Cage / firstname.lastname@example.org / 972-596-4363