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The world's largest bank reports a smaller than expected 2nd quarter loss

 

The banking industry is breathing easier after Citigroup announces their 2nd quarter earnings..

The financial markets are moving off of their all time lows as banks such as Wells Fargo, JP Morgan Chase and now Citigroup have all posted earnings that were better than expected. The financial stocks have been battered this year by huge write downs due to mortgage backed loan securities. Citigroup stands as the worlds largest retail banks and has the most exposure to the sub prime mortgage industry. The company took a 7 billion dollar write down in the second quarter and reported a net loss of over two billion dollars. The company made an ill fated investment decision less than 24 months ago to acquire the sub prime loan portfolio of Ameriquest mortgage. Ameriquest mortgage has been fined in excess of five hundred million dollars for offering loans that were related to fraud. The companies acquisition of this portfolio has been compounded by sharply falling real estate prices as the housing markets deal with a huge glut of foreclosed homes. The real estate industry has been struggling to find a bottom to the severe price decline and likely will struggle for the next 12 months until home values begin to stabilize and the housing inventories become more in balance.

7-18-2008 ? LoanNetwork.com

 

 

 

 

citigroup earnings @ loannetwork.com

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