Mortgage crisis claims another victim
Another high-profile major bank has fallen victim to the nation’s mortgage crisis.
CNBC reports that Citigroup will announce a writedown of as much as $24 billion and lay off as many as 24,000 employees. According to the story, which you can read here, the culprit is largely losses that the bank took from its subprime mortgage-lending business.
This isn’t the first time subprime lending has made the news in recent months, of course. A host of banks and lenders are now paying for the bad loans they made to borrowers with poor credit who struggled, and then ultimately failed, to make their monthly mortgage payments.
The bad news is that this will probably not be the last big-name victim of the mortgage mess.
Tags: Citigroup, layoffs, Mortgage, mortgage-crisis, subprime-lendingRelated Stories
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Jan 15, 2008 at 5:33 am
[…] Mortgage crisis claims another victim […]
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