{"id":1547,"date":"2014-11-13T17:24:18","date_gmt":"2014-11-13T17:24:18","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/11\/citigroup_bank_of_america_are"},"modified":"2022-03-23T15:06:13","modified_gmt":"2022-03-23T20:06:13","slug":"citigroup-bank-of-america-are","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/citigroup-bank-of-america-are\/","title":{"rendered":"Citigroup, Bank of America Are Selling Soured Home Loans, Sources tell Bloomberg"},"content":{"rendered":"

\t\t\t\tAccording to Bloomberg.com, sources are telling them that Citigroup (C) <\/a>and Bank of America (BAC)<\/a> are selling soured U.S. mortgages to satisfy the demand from investment firms that are raising the prices. For example, say the individuals who asked not to be named, Bank of America recently placed approximately $1 billion of beleaguered debt, including nonperforming loans. Meantime, Citigroup purportedly sold around $1 billion of re-performing and nonperforming mortgages. <\/p>\n

Lenders are reportedly selling more defaulted mortgages to avoid the cost of holding the debt. Meantime, private-equity firms and hedge funds are trying to make money off of increasing home values. The number of firms looking to acquire debt that has soured is growing. <\/p>\n

According to some critics, that housing regulators and other agencies have recently announced rulings that would decrease credit and lending standard for home mortgages is a sign that the government is making the kinds of errors that led to the 2008 housing crisis. With housing giants Freddie Mac (FMCC) and Fannie Mae (FNMA), handing over the majority of their earning to the Treasury Department, government-sponsored enterprises are now lacking the capital buffer they would need in the event there are losses. If the economy gets into trouble again, it may be up to taxpayers once more to bail these GSEs out. It was the U.S. Treasury that helped save Freddie and Fannie with $180 million as the government seized them, placing both under conservatorship. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

According to Bloomberg.com, sources are telling them that Citigroup (C) and Bank of America (BAC) are selling soured U.S. mortgages to satisfy the demand from investment firms that are raising the prices. For example, say the individuals who asked not to be named, Bank of America recently placed approximately $1 billion of beleaguered debt, including […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3751,3820,3752],"tags":[],"class_list":["post-1547","post","type-post","status-publish","format-standard","hentry","category-bank-of-america","category-citigroup","category-financial-firms"],"yoast_head":"\nCitigroup, Bank of America Are Selling Soured Home Loans, Sources tell Bloomberg — Investor Lawyers Blog — November 13, 2014<\/title>\n<meta name=\"description\" content=\"According to Bloomberg.com, sources are telling them that Citigroup (C) and Bank of America (BAC) are selling soured U.S. mortgages to satisfy the demand — November 13, 2014\" \/>\n<meta name=\"robots\" content=\"index, follow, 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