Word: mortgagee
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But last week, events took a turn for the worse. Negative reports on consumer default rates and troubling statistics on commercial loans unnerved investors. Two moves by Citi - taking $80 billion in risky assets off the auction block and transferring some mortgage-related securities held in an off-balance-sheet...
But Geithner's experience does have its downside. The Administration's attempts to shore up confidence in the stock and credit markets have stumbled, and now even previously rock-solid institutions like Citigroup are in deep trouble. And if Geithner locked horns with Sheila Bair from his perch atop the...
And Citi's lending business has actually performed relatively well in this environment. In the third quarter, the company said it had $5 billion in loans on which customers were no longer making payments. In all, Citigroup has set aside $24 billion for loan loss reserves. For most firms, that...
Here's the math: Citigroup has, as Mayo said, about a $100 billion equity cushion, which could be wiped out if loans go bad. At the end of the third quarter, Citigroup had $17 billion in commercial mortgage bonds. According to Barclays Capital, the average CMB price has fallen 34...
While -10.4% sounds awful, nobody ever talks about the Great Depression of 1958. That's because the economy came roaring back later that year. This was in part a characteristic of the manufacturing-dominated economy of those days. GDP and employment would shrink precipitously one quarter as factories temporarily shut...