Citigroup Acquires Most of Wachovia; Not a Failure, FDIC Says

Citi Walking From Wachovia, Suing Wells – TheStreet –  · Citi Walking From Wachovia, Suing Wells. Updated from Thursday, Oct. 9 Wells Fargo ( WFC) has triumphed in its battle with Citigroup ( C) for the rights to their struggling competitor, Wachovia ( WB ). Citi said on late Thursday that it was breaking off negotiations and proceeding with a lawsuit against Wachovia and Wells Fargo,

Wachovia CEO: Nothing changes for customers – Citigroup also will issue $12 billion in preferred stock and warrants to the FDIC. The company that owns businesses not included. studying the books of Wachovia, which suffers from mounting losses.

Deal for Wachovia Goes to Citigroup – CFO – "Wachovia did not fail; rather, it is to be acquired by Citigroup Inc. on an open bank basis with assistance from the FDIC," the agency said. Under the deal, Citi granted the FDIC $12 billion in preferred stock and warrants to compensate the FDIC for bearing this risk.

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Citi acquires Wachovia – CreditCards.com – Wachovia has 1.3 million Visa and mastercard credit card accounts. The FDIC has agreed to a loss-sharing arrangement with Citi to cover Wachovia’s pool of $312 billion of bad mortgage loans. Citi will absorb up to $42 billion of Wachovia’s losses and the "FDIC will absorb losses beyond that," according to the FDIC.

Senate Bank Chair weighs sweeping GSE, mortgage lending overhaul S&P/Case-Shiller: U.S. home prices fall 2.4% Freddie Mac (OTCQB: FMCC) today released the results of its Primary mortgage market survey (pmms), showing that mortgage rates moderated after rising in April. 30-year fixed-rate mortgage (frm) averaged 4.10% with an average 0.5 point for the week ending May 9, down from last week when it averaged 4.14%.Obama Scorecard: Foreclosure programs aid 1.4 million homeowners Obama’s Foreclosure Relief Program Was Designed to Help Bankers, Not Homeowners. 1.4 million borrowers have obtained permanent loan modifications, but about 400,000 of them have already re.By signing up you agree to receive email newsletters or alerts from POLITICO. You can unsubscribe at any time. Facebook Twitter Email Print Will Obama push housing reform in SOTU? – Not expected this.

Wachovia, The Bank, Saved by Citi | Wealth Management – Another day, another hasty acquisition of a hurtin’ financial services firm pushed by the government-in this case, the FDIC. Wachovia, The Bank, Saved by Citi | Wealth Management

JPMorgan settlement hurts mortgages: BlackRock. – Citigroup Acquires Most of Wachovia; Not a Failure, FDIC Says Mortgage delinquencies pass 10%: lps 20 years Later, DocMagic Reflects on eMortgage Evolution Ms. Marshall joined the bank in 2011 as Vice President, Deposit Operations, bringing over 30 years of banking, compliance, and risk management experience to the bank. LOS ANGELES, Calif.

Citigroup buys Wachovia bank biz for $2.2B – Sep. 29, 2008 – As part of all-stock deal, Citi will acquire deposits, loans from nation’s fourth largest bank. Citi also to raise $10B in stock sale, cuts dividend. There had been rampant speculation over the last three days that the Charlotte, N.C.-based Wachovia would be sold to either Citigroup or Wells Fargo ( WFC, Fortune 500 ).

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Wachovia Insurance Services not Included in Citigroup Acquisition – Wachovia Insurance Services is not included in the deal, according to Vince Scanlon, a spokesperson for Wachovia. Wachovia Insurance Services employs 1,300 people in 34 offices in 15 states and.

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Sheila Bair’s Legacy: Bailouts, Secrecy And Power Grabs – After five years, Sheila Bair will depart in July. given the lack of evidence to support the FDIC bailouts, didn’t Chairman Bair apply such tough talk when it mattered most: voting against the.