US Government Bails Out Citigroup, once the largest U.S. bank

Nov 24 2008 Best-Mortgage-Companies.com Officials agreed to a $326 billion rescue of the company that was once the largest U.S. bank. The government intends to invest $20 billion in Citigroup and to guarantee as much as $306 billion of its troubled assets. The deal will make the government the largest Citigroup shareholder with 7.8% of its shares. The deal marks the latest of several government moves to buy direct investment in banks in order to bolster their balance sheets and restore confidence in the entire U.S. banking system.

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Giant bank to axe thousands of jobs

Nov 17 2008 Best-Mortgage-Companies.com J.P. Morgan is planning to cut thousands of jobs across its worldwide operations. So is Citigroup, which is having a meeting this morning to pare about 10% of its workforce. Lay-offs in the financial industry are not only happening in the United States but also across Europe. Definitely, the US recession is spreading to the world.

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Citigroup Offers Relief To Mortgage Borrowers

Nov 10 2008 Best-Mortgage-Companies.com Citigroup Inc. plans to modify loan terms for mortgage borrowers who are current on their loan payments but at risk of being delinquent. This aggressive move targets mortgages worth as much as $20 billion. The plan will not only help ailing homeowners, but it will also help the company reduce loan losses.

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Citigroup loses $1.4 Billion in Credit Cards

Nov 3 2008 Best-Mortgage-Companies.com Citigroup declared it lost $1.4 billion in the third quarter from credit card backed securities. The company said it expects losses to rise next year. Citi also said it added $3.9 billion to overall credit reserves, including $2.3 billion for its North American consumer business and $855 million non-US business. Citi said the additional reserve to the North American section was mostly due to the weakening of the credit markets, including higher delinquencies on first mortgages, unsecured personal loans, credit cards and auto loans. The credit card industry is in turmoil. American Express, a credit card giant, announced last week plans to slash 7,000 jobs.

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