{"id":4617,"date":"2008-06-04T18:30:38","date_gmt":"2008-06-04T18:30:38","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2008\/06\/brazos_group_inc_calls_on_citi"},"modified":"2022-03-29T15:06:24","modified_gmt":"2022-03-29T20:06:24","slug":"brazos-group-inc-calls-on-citi","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/brazos-group-inc-calls-on-citi\/","title":{"rendered":"Student Lender Brazos Group Inc. Wants Citigroup, Bank of America, and Other Banks to Solve Problems Caused By Auction-Rate Securities Market Crisis"},"content":{"rendered":"

\t\t\t\tStudent-loan company Brazos Group Inc. is $12 billion in debt, $7 billion of which it is unable to purchase back, refinance, or restructure. The company, which is the largest municipal borrower in the auction-rate securities market, wants Citigroup<\/a>, Bank of America<\/a>, and other banks to find a solution.<\/p>\n

During the fiscal years of 2005-2007, Brazos used bonds to increase lending to $11.19 billion. However, Brazos and over 100 student lenders stopped making government-backed loans earlier this year when 98% of auctions to set rates on their debt did not attract enough bidders.<\/p>\n

Brazos stopped making any more loans after the auction-rate securities market fell and currently pays about 5% on auction bond rates while getting 4% back on loans behind the securities. <\/p>\n

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

Student-loan company Brazos Group Inc. is $12 billion in debt, $7 billion of which it is unable to purchase back, refinance, or restructure. The company, which is the largest municipal borrower in the auction-rate securities market, wants Citigroup, Bank of America, and other banks to find a solution. During the fiscal years of 2005-2007, Brazos […]<\/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":[3865],"tags":[],"class_list":["post-4617","post","type-post","status-publish","format-standard","hentry","category-auction-rate-securities"],"yoast_head":"\nStudent Lender Brazos Group Inc. 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