1:05 PM » Citi to increase mortgage lending business: report
NEW YORK (MarketWatch) -- Citigroup Inc. plans to increase its mortgage lending business, its head of U.S. consumer and commercial banking said on Tuesday, according to a report in Bloomberg. Jane Fraser speaking at the Mortgage Bankers Association conference in New York said the bank wants to grow and is "below our natural market share." The bank plans to buy mortgages from other lenders in order to expand its market share, said Fraser. Citi, like many financial firms, has been plagued with higher interest rates, aversion to debt by consumers and a tighter regulatory environment after the financial crisis. "Citi is no longer reacting to the crisis," Fraser said, after promising to be extremely careful with lending quality. "It's a strategy agreed to with our senior management and our board, and they're comfortable with it." Citi shares were down 0.4%.