Appraisers' Free Forum

Posted: **Wed Jul 01, 2009 6:48 pm**

http://seekingalpha.com/article/146422-another-citigroup-scandal-business-as-usual-for-wall-street

Yet another scandal was announced Monday regarding Citigroup (C). Last week, Citi announced it was temporarily suspending its mortgage securitization unit – after management “discovered” that it had never stopped buying and packaging fraudulent mortgages (i.e. mortgages lacking appraisal and/or income documentation). I suppose we should applaud management for its 'vigilance' – after all, it's only been two years since the U.S. mortgage Ponzi-scheme was revealed to the world.

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Posted: **Wed Jul 01, 2009 6:57 pm**

Sooner than later, he wrote optomistically, you will find out that it depends on whether you are a FOO. Freind of the Messiah. Don't worry, the relevant "czar" will tell you who gets fanfare and who gets the piano wire.

Just a question, but given that the GSE's will be trading in 125 percent mortgages, won't all MBS be "fraudulent?"

Appraisers' Free Forum

Another Citigroup Scandal: Business as Usual for Wall Street

Another Citigroup Scandal: Business as Usual for Wall Street

Re: Another Citigroup Scandal: Business as Usual for Wall Street