From HW:
The amount of REO properties held by Citigroup reached $1.4bn in Q210, an 81% increase from the same time last year.
In the second quarter of 2009, Citigroup held $789m in REO in North America. The latest total is a 10% increase from the $1.2bn in North American REO totaled in Q110. The bank did not break down the total among the continent’s countries.
Citigroup defines its REO as the carrying value of all property acquired by the bank through foreclosure or other legal proceedings. Worldwide, Citigroup holds $1.6bn in REO, up 73% from a year ago.
Citigroup reported earnings of $2.7bn in Q210 after posting $4.4bn in the previous quarter.
Through its servicing arm, CitiMortgage, the bank continues work to reduce the amount of foreclosures on its balance sheet. According to the latest Home Affordable Modification Program (HAMP) report from the Treasury Department, Citi has converted 25% of its trial modifications into permanent status through May, totaling more than 34,000 modifications.
So if these financials keep losing billions of market cap as the stock market goes down, will Citi be the first to hit the exit button and blow out its REO?
I can dream can’t I?
Wondering how much retail/cub farm space is piling up under the banks?
So does anyone know the NOTS servicer for Citibank?
Would like to buy.
“Permanent status” sounds like wishful thinking to these ears.
A Citigroup spokesman, Mark Rodgers, made similar comments. “In the first quarter of 2010, our various modification and extension programs helped many families stay in their homes in New York State, outnumbering those who were foreclosed by approximately 54 to 1,” he said in an e-mail message. “Nationally, from Jan. 1, 2007, through March 31, 2010, Citi has helped more than 900,000 homeowners avoid potential foreclosure.”
Would like to buy.
Contact JtR!
JR your are a poet. That was a really “deep” video with tons of social commentary in that few minutes.