When: Tuesday, November 2
According to a recent CNBC investigation, CNBC.com’s John Carney reports that Citigroup’s exposure to mortgage put-backs may be far worse than investors expect.
Excerpts from Carney’s story follow and the full editorial can be accessed by clicking here: http://www.cnbc.com/id/39916451
“Investors have largely given Citigroup a pass when it comes to put-backs—an action where investors force banks to repurchase mortgages and the securities related to them. While Citi’s rivals saw their share prices fall last month on put-back concerns, Citi’s shares rose.
Citi may be “the best in class” when it comes to mortgage put-back exposure. But it is hardly immune to put-backs.
Keep in mind that put-back exposure does not arise from mortgages Citi itself owns. Instead, the put-back issue arises from mortgages Citi sold to others, either directly or as part of a pool of mortgages underlying a mortgage-backed security.”
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