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citigroup

Foreclosure Moratorium’s Announced in Anticipation of Government Backed Loan Modification Programs

by Moe Bedard

Will the new Administration finally use stimulus money to directly benefit Americans in foreclosure? While details are not yet available, signs of an impending government intervention in foreclosure prevention are giving major lenders great pause.
Lawmakers in a congressional hearing earlier this week asked the executives of some of the nation’s largest banks to institute a [...]

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Japanese banks are feeling the fallout from the US subprime mortgage crisis

by Moe Bedard

The Financial Services Agency said losses stemming from US sub-prime lending increased by 41% to 850bn yen ($8bn; £4.1bn) at the end of March.
Total losses on investments related to risky mortgages was far bigger, amounting to $23bn.

But it said Japan’s sub-prime hit was not as severe as in Europe and the US.
Losses at Japanese [...]

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Mozilo, O’neal & Prince Set to Testify before the House Committee on Oversight and Government Reform

by Moe Bedard

Grab some popcorn, your favorite quilt and pull up the easy chair. It’s time for some great “reality” TV!

Mozilo, O’Neal and Prince are the stars and no, this isn’t the UFC. This is the good ole US of A corporate smackdown stuff right here!
Thursday, the House Committee on Oversight and Government Reform will grill [...]

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