CITI HOME EQUITY WHOLESALE IS DONE

Flash in the pan Joined: 29 Nov 2007 Posts: 40

Announcements are being made
citi is shutting down all wholesale seconds for stand alone and combo;s

Posted: Mon Mar 17, 2008 5:12 pm

How do you know this?

Flash in the pan Joined: 26 Jan 2008 Posts: 44

Bye bye boompsy

Dud? Joined: 29 Nov 2007 Posts: 15

It is official, I have spoken to several AE's today that were let go from Citi Home Equity.

Flash in the pan Joined: 29 Nov 2007 Posts: 40

something tells me this is just the beginning of a major domino effect
bear stearns et al are all in a world of S--T
bet citi is in worse shape then they are saying

Dud? Joined: 17 Mar 2008 Posts: 1

Just got the e-mail. It's official.

Cherry Bomb Joined: 03 Aug 2007 Posts: 119

323

Posted: Mon Mar 17, 2008 7:26 pm

Still available RETAIL....which means more trouble for the broker community. What product will you be trusted with?

Nitroglycerin Joined: 17 Oct 2007 Posts: 801

EXmtgbkr wrote:

Still available RETAIL....which means more trouble for the broker community. What product will you be trusted with?

Excellent question ex. Clear answer? None.

Posted: Mon Mar 17, 2008 7:41 pm

2nd mortgage + depreciation = loss asset
Who cares if they have the product "retail" for another 6 months. We'll get along selling what the secondary markets is buying. The easy vanilla stuff. With MI being an issue for all lenders(except BofA) and seconds being charged off at alarming rates, it's no wonder why they want to close the gaping holes in their high LTV portfolio. Risk Prevention/Collateral Preservation models have to be signaling an end to high LTV for awhile.