Citi Shakes Up Its Residential Mortgage Business
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Badly bruised by the sharp downturn in the housing market, Citigroup is bringing together all of its mortgage-related activities under one roof.
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Countrywide Financial Corp ,  the largest U.S. mortgage lender, on Tuesday offered to  refinance or restructure up to $16 billion of adjustable-rate  mortgages through the end of 2008.
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Northern Rock is to lift the rates on its range of fixed-term mortgages to borrowers with patchy credit histories.
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U.S. investment bank Citigroup C.N   said on Tuesday it is shedding its Citigroup Venture Capital   buyout unit amid renewed activity among banks in the buyout   sector.
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Goldman Sachs Group Inc.   subprime mortgage bonds issued last year are being downgraded  by rating companies at the fastest rate of any issuer,  according to Citigroup Inc. research dated June 22.
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A consortium led by Citigroup Inc.  has won final regulatory approval for its $3.1 billion purchase of 85.6 percent of Guangdong Development Bank (GDB), the China Banking Regulatory Commission said on Monday, paving the way for a restructuring of the troubled southern China lender.
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By agreeing to its regulator&#39;s demands, the mortgage titan has largely defanged its critics and distanced itself from scandal.
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It seems that Pulte signaled another phase of the housing crisis with its recent restructuring announcement.
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Citigroup is to revamp its  Japanese private banking unit, creating a local committee to  oversee operations, the Wall Street Journal reported.
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Freddie Mac (FRE.N: Quote, Profile, Research) , the No. 2 US mortgage finance company, on Monday said it will restructure its securities and sales trading group as part of an effort to streamline its business operations.
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Hoping to add customers and sell more products with a coherent marketing strategy, Citigroup Inc.  said on Tuesday it will rebrand itself as "Citi," and sell its trademark red umbrella to St. Paul Travelers Cos.
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TOKYO -- Citigroup Inc., the largest bank in the United States, said Tuesday it raised its takeover offer for scandal-tainted Nikko Cordial Corp. by 26 percent in a deal worth up to $13.35 billion after the Japanese brokerage's largest shareholders rejected the initial price as too low.
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Citigroup Inc. , the largest U.S. bank, said on Tuesday it will rebrand itself as "Citi" and sell its trademark red umbrella to St. Paul Travelers Cos.
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H&R Block looks to unwind a blockheaded move into subprime mortgages.
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Citigroup said yesterday that Sallie L. Krawcheck, the former equity analyst recruited to the bank to clean up its research department, would become its chief financial officer.
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MetLife is buying Citigroup's life insurance business in a deal valued at $11.5 billion, a move that strengthens its position in a rapidly consolidating industry.
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The new rules are intended to protect would-be home buyers from unscrupulous lenders and, in a sense, from themselves.