CitiMortage Phasing Out Wholesale Lending Quickly

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CitiMortage Phasing Out Wholesale Lending Quickly

By Mr Mortgage on October 8, 2008 | More Posts By Mr Mortgage | Author's Website

Word is CITI is shutting off 8500 mortgage brokers and keeping about 1000. They will operate via an inside rep and centralized operations platform. This is a smart move and to be expected. But this also goes to show the severity of the mortgage and housing turn down. All that banks really do right now is Fannie, Freddie and FHA and the market is so under pressure and margins so thin, they are having to downsize the most basic of mortgage finance offerings.

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