"Nothing is worse than that moment during an argument when you realize you're wrong." I wonder if Wayne D. Puff, who ran a huge Ponzi scheme from 1998 through 2005, ever felt that.... Last week in New Jersey he was sentenced to 18 years in federal prison and ordered to pay more than $100...
Repeat after me: Fed Funds are set by the Federal Open Market Committee, don't vary daily, and have no direct bearing on 30-yr mortgage rates. 30-yr mortgage rates are set by supply and demand through the bond markets, vary every day, and prices are adjusted by what investors & servicers want...
“Keep skunks and bankers at a distance” so the old saying goes. Mortgage bankers may have to ignore that saying, however, given some National Mortgage News data that shows that four companies (Wells Fargo, Bank of America Home Loan, JPMorgan Chase, and Citigroup) control almost 58% of the...
Citigroup Inc. said Tuesday it approved $6 billion in new lending initiatives during the second quarter as part of its programs supported by government bailout funds.
Live! From Citigroup's Annual Shareholder Meeting in New York, NY: Interview with AFL-CIO Investment Director Dan Pedrotty (Bloomberg News)
An interview with Jeffrey Harte, analyst of Sandler O'neil talking about his expectation of the Citigroup meeting. (Bloomberg News)
In a move geared at bringing private investment back to the financial system, the U.S. Treasury has agreed to match private conversions of preferred shares of Citigroup into common equity . Citigroup said it would offer to exchange up to $27.5 billion of preferred stock into common equity at a conversion...
The Wall Street Journal reports that the U.S. government is in talks to "substantially" expand its ownership in Citigroup . According a story published on Sunday, the U.S. government could end up owning as much as 40% of Citigroup's common shares, an amount that would give it greater influence...
The U.S. may have to temporarily nationalize certain banks , Senate Banking Committee Chairman Christopher Dodd said Friday in an interview on Bloomberg Television. The headlines sent shares of Citigroup and Bank of America down more than 20% on fear they could be involved in any such nationalization...
Three major U.S. financial institutions have announced they will halt foreclosures after coming under intense pressure from U.S. politicians on Wednesday to do something to help U.S. citizens weather the financial crisis. Citigroup announced it will be halting foreclosures starting Feb. 12. The bank...