Monday evening the U.S. Treasury sold $10.5 billion worth of Citigroup common stock, washing its hands (sort of) of the once dominant megabank. Treasury said U.S. taxpayers will earn a profit of roughly $12 billion on their initial $45 billion investment in the company. Who says socialism doesn't work? (In trading Tuesday, its shares rose 3% to $4.59, about 50 cents shy of its 52-week high.) But what about Citi's mortgage business? We've been hearing anecdotal rumors that it may increase its use of loan brokers, after scaling back the wholesale channel significantly. There's also talk that Citi quietly re-entered the warehouse lending sector several months ago and is showing increasing interest in stepping up that business. We shall see…
Processing Content
