Investors in bank stocks are not happy campers these days. On Monday morning Citigroup reported earnings of $2.2 billion in 3Q. But its stock is up all of 17 cents to $4.12, a not-so-whopping gain of 4%. Of course, Uncle Sam owns Citigroup and seeing that its stock was at just over $3 in the spring, perhaps taxpayers should be rejoicing. But most banking reporters covering the company forgot to look at the declining value of Citi's mortgage servicing rights. (Thank you, Basel III?) National Mortgage News did, and what we saw was not pretty. For the full story see:
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