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Citigroup Underwriter Warned of Mortgage Lapses

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Why does this not really surprise us? "Citigroup Inc. executives were warned as early as 2006 that the bank routinely bought mortgages that violated its own standards, the former chief underwriter for Citigroup’s consumer-lending group testified," Bloomberg reports. "Richard Bowen determined in mid-2006 that more than 60 percent of mortgages bought from other firms and sold to investors such as Fannie Mae and Freddie Mac were “defective,” according to his prepared remarks today before the Financial Crisis Inquiry Commission. The panel is probing causes of the 2007 mortgage-market collapse and ensuing bank bailouts."
SOURCE:   Bloomberg

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