Does the mortgage industry still need Appraisal Management Companies?

Does the mortgage industry still need Appraisal Management Companies?

Not with Fannie Mae's Collateral Underwriter

CFPB wants more mortgages in "underserved" areas

And here's how they will get it done

Fitch warns Ocwen-related RMBS deals face major downgrade

Placed on “Rating Watch Negative”
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Citigroup 3Q net $2.15 billion, 7 cents a share

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Citigroup's (C) third-quarter earnings rose considerably to narrowly top analysts' estimates, as the banking giant lowered its provisions for loan losses once again.   The bank holding company earned $2.15 billion, or 7 cents a share, for the three months ended Sept. 30. For the year ago quarter, the company reported a loss of $3.24 billion, or 27 cents a share. Third-quarter revenue rose about 1.7% in the quarter to $20.74 billion from $20.39 billion a year earlier. Income from continuing operations, which excluded a loss of $435 million from the sale of Student Loan Corp., was $2.6 billion, or 8 cents  a share. The company said provisions for credit losses for the third quarter fell to $5.9 billion, which is the lowest level since the second quarter of 2007 and less than half the $12.11 billion reported a year ago. Citigroup reported total assets of $1.98 trillion at Sept. 30, up 2% from the second quarter. The company said third-quarter deposits climbed 4% sequentially to $850 billion driven by growth in international deposits. The bank maintains a Tier 1 Capital Ratio of 12.5%; Tier 1 Common Ratio of 10.3%, equaling $103.7 billion. The third-quarter allowance for loan losses was $43.7 billion. Write to Jason Philyaw.

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