Archive for the ‘Real Estate’ Category

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Monday am so it must be rally time. The players have taken up all equities and oil and gold and interest rates. All boats rise together indeed. We are just trying to figure it all out this am.

Not JPM, they supposedly get more backing from the NY FED and up the ante for the pissed off soon to be former employees and rich fat cat investors who want more than $2 buck chuck for their $100 they invested. $2 or $10 its all a boondawgle to me.

Hope everyone had a Happy Easter. Its’ Spring Break so enjoy yourselves out there as they mark the end of the first quarter of 2008 this week!!

Business as usual as we suggested shorts cover their financials and hommies into this fed week. The suprise move by the Fed is not a suprise, Goldman told us yesterday they would do this. Open your ears the information is always out there. Let’s see if they can rally over the next few days to 1340 which would be another 30 pts over the next few days into the fed meeting next week! Party on indeed. Trade em up girls.

That’s another hole in the mortgage market, no one wants to hold the bag for the Fed. Hmmm. Now what. What does it mean? That’s got to hurt, We may be getting close . . . To the big Flush!! Industrial size.

C Citigroup to reduce residential mortgage assets in its U.S. mortgage biz by approx $45 bln over the next 12 months (21.14 -1.01) -Update-

Co announces it intends to reduce residential mortgage assets in its U.S. mortgage business by approx $45 bln over the next 12 months, a 20% decrease from Dec 2007 levels, and will cut the amount of new loans to be held in portfolio by more than 50% in the next year. In addition, the co will integrate middle office and support areas to serve both first and second mortgage operations, organize sales channels around customer segments, and strengthen ties with Citi Markets & Banking, which will be the primary provider of capital markets services to its U.S. mortgage business going forward. The co expects these changes to reduce expenses by approx $200 mln on a run rate basis within 12 months. In January, the co announced the creation of an end-to-end U.S. residential mortgage business that includes origination, servicing and capital markets securitization execution headed by Bill Beckmann. As part of that change, the co will consolidate operations, policies and procedures in its U.S. mortgage business to achieve greater operational efficiency, appropriate alignment of incentives and ensure in-depth, timely understanding of mortgage exposure. In addition, co will integrate all residential mortgage operations under the CitiMortgage name, including CitiMortgage, Citi Home Equity and Citi Residential Lending.