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...plans to regulators. Government officials have said they intend to make management changes at the banks if the plans are deemed inadequate. Despite the relatively small $5.5 billion Citi was told to raise, the stress test deepened concerns about the bank. That means the hurdle Citi will have to jump in order to prove its management is up to the task could be higher than for the other banks...
More on this sweet event, after the jump...
Foreclosures took a frightening jump up in April. A report from RealtyTrac says that the number moved up 32% over April of last year and hit 342,038. Home defaults and auctions rose 47% over the same period...
...RealtyTrac's theory for the jump is that banks are becoming more aggressive in working through their portfolios of bad mortgages after telling the federal government that they would hold off to help stabilize the market. (Read "Four Steps to Ending the Foreclosure Crisis...
...Jump, for more...