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Two Ways To Play: Citi Tries Fixin' Foreclosures

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Strengthen your portfolio in good times and bad.

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Citi Tries Fixin' Foreclosures

Following similar moves by JPMorgan Chase (JPM) and Bank of America (BAC), Citigroup (C) has announced plans to halt foreclosures over the coming months as it modifies as much as $20 billion in mortgages. The modifications will include lowering interest rates, extending the terms of loans and, as a last resort, cutting the total amount of the debt.

The program is expected to reach 500,000 customers, with roughly 130,000 likely to see a reduced monthly payment. The nationwide initiative will focus primarily on those states that have been hardest hit by rising unemployment and sharply declining home prices. For context on the banking sector, see Professor Andrew Jeffery's Fed Lends $1.1 Trillion, Won't Say To Whom.

From the Bull Pen: Bulls can look elsewhere. A stock with potential significant upside might be Verizon (VZ). Sell stops can be placed below $29.

From the Bear Cave: General Electric's (GE) status as a financial in drag has been known for some time. But those attempting the downside can consider setting buy stops above $19.


Quick Check Around the World

Asian trading closed with the Hang Seng -4.77%, Nikkei -3.00%, Sensex -6.61%, Taiwan -2.15% and Shanghai -1.66%.

Glancing towards Europe, we see the CAC -2.99%, DAX -2.84%, FTSE -2.59%

As of 8:20 a.m. EST, S&P Futures are trading -15 to 905, and Nasdaq futures are -20 to 1237.


A Look At Commodities

Crude oil
is trading -2.67 to 59.72. Gold is -9.500 to 737.00. Silver is -0.380 to 9.840 and copper is -5.350 to 169.30.

The dollar index is +0.062 to 85.974.


On the Radar

Economics

10:00 IBD/TIPP Economic Optimism

Click here for the full trading radar.

Good luck today!

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No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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