It's about time, Citigroup (C).
The housing crisis has been hammering the economy and Citi's earnings all year, yet the company is only now figuring out that no one wins the foreclosure game any more.
It's outrageous that it took Citi so long to figure out that it's more profitable to help homeowners stay in their homes and make payments than to abandon them and get next to nothing.
It's not like it's unprecedented for a bank to help homeowners. (OK, maybe it used to be). But JPMorgan Chase (JPM) and Bank of America (BAC) paved the way with homeowner assistance policies earlier this year.I guess investors should be grateful that Citi finally pulled its head out of the sand.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV