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.
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Report: Citigroup CEO to offer resignation

Charles Prince, CEO of the world's largest bank, will offer to resign Sunday, according to the Wall Street Journal.

NEW YORK ( -- Charles Prince, Citigroup Inc.'s CEO, will offer to resign Sunday, according to sources cited in a Wall Street Journal report.

The paper previously reported that the bank's board members are planning to hold an emergency meeting this weekend. The news of Prince's offer to resign comes amid worries that Citigroup, which took a $2.2 billion markdown due to mortgage-backed securities and credit trading losses, will have to make further write downs.

Robert Rubin, the former Treasury secretary who is the chairman of Citigroup's executive committee, is being considered as a possible interim replacement, according to the Journal's report.

The world's largest bank lost nearly a quarter of its market value since October, when it reported third quarter earnings had dropped 57 percent due to mortgage defaults and the summer's credit scare, according to the Journal.

Citigroup (Charts, Fortune 500) Chief Executive Charles Prince, who was already facing pressure from investors to raise revenue, has been scrutinized as a result of the dismal earnings report.

A Citigroup spokesperson declined comment on the Journal's report.

Citi shares tumbled Thursday after a CIBC World Markets analyst downgraded the company's stock, adding that Citigroup may have to cut its dividend.

The stock was down Friday nearly 2 percent to $37.73.

Wall Street banks have taken massive hits from risky mortgage securities in the third-quarter. Merrill Lynch (Charts, Fortune 500) wrote down $7.9 billion and Swiss Bank UBS (Charts) wrote down $3.4 billion, warning that its fourth-quarter results may be effected by further downturns in the U.S. housing and mortgage markets.

The crisis has turned up the heat on Wall Street CEOs. Merrill chief executive Stanley O'Neal stepped down earlier this week amid mounting criticism of the firm's risk management practices. Bear Stearns' CEO James Cayne is also facing scrutiny after a report in the Wall Street Journal criticized his leadership. Top of page

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O -

I knew that was comming....LOL
I would lay BETS that CITI sues Ameriquest and Arnall for selling them BAD mortgages......Any takers?   
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THIS just cracked me up!
UPDATE 1-Citigroup's Prince won't speak in DC on Sunday
Reuters -Fri Nov 2, 2007 12:00pm EDT

WASHINGTON, Nov 2 (Reuters) - Citigroup Inc (C.N: Quote, Profile, Research) Chief Executive Charles Prince canceled his Sunday speech at the U.S.-Japan Business Conference, a conference spokesman said on Friday.

A spokesman for the U.S.-Japan Business Conference in Washington said Prince had canceled his appearance to prepare for the company's new listing of its shares on the Tokyo Stock Exchange, starting on Monday.

Prince had been scheduled to address the annual meeting of the group in Washington on Sunday evening, the spokesman for the U.S.-Japan Business Conference said.

Michael Hanretta, a spokesman for Citi said Prince had only been tentatively scheduled to speak but could not attend due to a scheduling conflict.

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Nye Lavalle
Bear's Cayne is next according to my sources!
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More misery to come as heads roll in wake of US meltdown
Times Online, UK - November 3, 2007 -

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O -

They could send  Deval in Chucks place...
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Bear Stearns
Hope Cayne croaks
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For Prince's slot keep your eye on Richard "Dick Parsons", Citicorp board member and former CEO of Dime Bancorp.  With Dime's well known expertise in predatory lending and mortgage servicing fraud, Dick could be a shoe-in though he has always had political aspirations too. 
I still want to see Jimmy Cayne do the perp walk, then he can spend the rest of his days in a federal prison that doesn't a golf course.
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