Financial Services
Citigroup Seeks Mortgage Growth
Stock quotes in this article:C
One way the unit is looking to win business, which originates and services residential mortgages, is by lowering jumbo loan rates, the article said.
Citigroup also plans to double the number of smaller banks and independent mortgage firms that it buys loans from to about 300, according to Bloomberg. Citigroup's home loans from North America totaled $172.4 billion at Dec. 31. Citigroup said in January that it planned to transfer about $34 billion of mortgages, among other assets, back onto the "good" balance sheet, perhaps signaling a renewed focus on home lending. Other than the $34 billion in mortgages, legacy loans still in Citi Holdings will continue to be in run off mode. Citigroup stock closed down 12 cents, or 3%, to $3.90 on Friday. More than 555 million shares changed hands in heavy trading, above its three-month daily average of 503 million shares. -- Written by Laurie Kulikowski in New York.TheStreet Premium Services
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
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