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: The Home Equity Theft Reporter

Billion$ In Pooled Loans Were Defective, Ex-Citigroup?s Chief Underwriter Warned Bosses

By r morris

eCreditDaily reports:Beginning in 2006, Citigroup?s chief underwriter overseeing $90 billion in loans warned the institution?s top bosses that at least 60 percent of mortgages purchased and sold were ?defective.? By 2007, as the subprime mortgage bubble would give way to a housing market collapse, Citigroup?s Consumer Lending Group was sitting on pools of subprime mortgages with a defective ratio

Full post as published by The Home Equity Theft Reporter on April 08, 2010 (boomark / email).