Items Tagged with 'Citigroup'

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  • CitiMortgage takes a beating in Q3

    Mortgage originations fall 29% and its mortgage division succumbs to scandal
    Citigroup released its earnings report this morning, and mortgage originations are down. Way down. The bank reported a 29% decrease in originations year over year and an 8% decrease in originations from the second quarter.
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  • Bernie Sanders wants to break up the nation’s biggest banks (again)

    Sanders repeats campaign call to break up big banks
    Back when he was a presidential candidate, Sen. Bernie Sanders, I-VT, called for sweeping reforms to the nation’s financial system, including breaking up the big banks. And now, he's at it again. On Wednesday, Sanders announced that he is introducing the “Too Big to Fail, Too Big to Exist Act,” which would break up JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley.
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  • The National Mortgage Settlement is officially over

    Monitor’s office to shut down by end of 2018
    One of the vestiges of the financial crisis is now officially in the past. The National Mortgage Settlement, the epic, massive mortgage servicing settlement between the federal government, 49 states (all excluding Oklahoma), and five of the nation’s biggest banks and mortgage servicers, is now done and complete. RIP.
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  • Federal Reserve fines Citigroup $8.6 million for mortgage document issues

    Employees allegedly signed documents without knowing what was in them
    A major U.S. bank is being fined over sloppy mortgage documentation practices and no, it’s not Wells Fargo. The Federal Reserve announced Friday that it fined CitiGroup $8.6 million over the “deficient execution and notarization of certain mortgage-related affidavits” by its subsidiary CitiFinancial.
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  • Citi’s slightly higher earnings pulled down by mortgage revenue in Q1

    Causes retail banking to increase just 4%
    Citigroup reported Friday a slight increase in its earnings from last year, but this was not thanks to its mortgage banking revenues, which actually pulled earnings down slightly. While the bank doesn’t say much on its mortgage activity, Citi did report that if it excludes mortgage revenues, its retail banking revenue increase doubles.
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  • Citi appoints new mortgage leadership team

    Promotes three of its own into new roles
    Earlier this year, Citigroup revealed that it was looking for a new person to run its U.S. mortgage business as the bank signaled it was moving back into mortgages. That move, and others, were seen as an indication that Citi may be moving back into the mortgage business, and now, the bank has identified the team that will lead its mortgage resurgence.
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  • Citi posts job to run its U.S. mortgage operation

    Job responsibilities include “successful completion of mortgage transformation”
    Citigroup has been going through a significant shift in its mortgage business over the last few years, including moving completely away from mortgage servicing and scaling back its lending operation as well. And now, the bank is looking for a new leader of its U.S. mortgage business.
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  • Citigroup reports net loss in Q4 due to tax reform

    Citi mortgage improvements push net credit losses down $30 million
    Citigroup reported a net loss during the fourth quarter of 2017 after taking a hit from the Tax Cuts and Jobs Act. Tax reform caused the bank to pay $19 billion related to the re-measurement of its deferred tax assets arising from a lower U.S. corporate tax rate.
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