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The bankruptcy of Wingspan Portfolio Advisors epitomizes the existential crisis facing default servicing. This once-thriving sector of the mortgage industry now finds itself declining in lockstep with the drop in loan delinquencies and foreclosures.
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TREASURE CHEST? OneMain will sell for $4.25 billion, and  "it's by no means the only profitable business in [Citi Holdings'] portfolio," Citigroup CFO John Gerspach said.
Citigroup's second-quarter profit got a modest boost from Citi Holdings, a unit set up six years ago as a dumping ground for toxic assets. After losing billions for years, Citi Holdings has now become a minor profit source for its parent.
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