Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
Articles |The FORUM |Law Library |Videos | Fraudsters & Co. |File Complaints |How they STEAL |Search MSFraud |Contact Us
Ed Cage

http://www.rte.ie/business/2007/1119/citigroup.html

Citigroup may write off

$15bn

Goldman Sachs & Co has downgraded Citigroup to 'sell' from
'neutral,' and said the largest US bank may have to write off $15
billion
over the next two quarters as mortgage losses reduce
earnings.

The report from analyst William Tanona came shortly after
Citigroup's own chief US equity strategist, Tobias Levkovich,
upgraded the nation's banking sector to 'overweight' from 'market
weight,' calling selling pressure 'overdone.'
Goldman's forecast compares with the $8 billion to $11 billion that

Citigroup on November 4 said it may write off this quarter for
exposure to sub-prime mortgages and collateralized debt
obligations. Charles Prince, Citigroup's chief executive, resigned
the same day.

'With deteriorating consumer and housing metrics, Citigroup is
facing mounting pressure across many businesses,' Tanona wrote.
'The lack of leadership at this point in Citigroup's storied history
could not have come at a worse time.'

The analyst also lowered his price targets for six other banks and
brokerages: Bear Stearns Cos, E*Trade Financial Corp , JPMorgan
Chase & Co, Lehman Brothers Holdings Inc, Merrill Lynch & Co and
Morgan Stanley.


Banks have announced more than $50 billion of write-downs tied to
the U.S. housing slump, as defaults soared and the value of
mortgages that investors deemed too risky plummeted."

                 -      -      -      -

Submitted by Ed Cage / ecagetx@tx.rr.com / 972-596-4363
Quote 0 0

Quote:
Goldman Sachs & Co has downgraded Citigroup to 'sell' 

Will Golden Sacks, "BUY" Citigroup next?

Just a wonder...

Quote 0 0
Ed Cage

Ann the residential arm of Citi (Citi Residential) is in real trouble:

Citi's focus is still on swindling investors, new loan partners, and especially
customers at every level. Such a misguided and disastrous agenda of illicit
greed driven decisions is verified by Citi's decision to hire the one of the
most notorious mortgage fraud perpetrators in America, James Brantley. 
Brantley of AMC collapse infamy was astonishingly hired in by Citi Residential
in a clear *documented* case of Citi's commitment to place future criminal
activity ahead of the welfare of their investors, lenders, customers, and the
less appealing path of integrity.  ..A path which seemed less attractive to
Citi which is now in a financial and reputation free-fall.

Citigroup's sale of a stake in Citi itself to the ultra deep pockets of oil-rich
Abu Dhabi's Investment I believe makes ADI the largest single stockholder
of Citi in the world. (I could be wrong here but that’s the way it appears)
Anyone who even takes a brief peek at this recent one-sided deal realizes
just how desperate Citi really was. ADI is virtually assured of making a
huge profit while having very little financial exposure.  ADI held up Citi
without a gun it would seem.
     But Citi Residential* sent similar signals prior to the Citigroup heist
by ADI by signing up arch mortgage fraud criminal James Brantley of the
infamous AMC / Ameriquest collapse due in large part to fraudulent
schemes by Brantley.

 

Submitted by Ed Cage  /  ecagetx@tx.rr.com  /  972-596-4363

* I predict Citi Residential will fail in 2008. Greed, fraud, deception and crime
make up a dreadful business formula.

Quote 0 0

It will be interesting what CITI now does with about 8% currency exchange, that is tied to Hedge Funds!! Look Out CITI could be falling further now!

Quote 0 0
Write a reply...