California Real Estate Fraud Report

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Wachovia Latest to Receive Taxpayers’ Largess

Stressing that Wachovia did not fail, but that its buy-out by Joe Taxpayer and Citigroup was accomplished with “government assistance” (a new euphemism for corporate welfare), FDIC Chairman Sheila Bair announced the latest takeover.

Citigroup will acquire the bulk of Wachovia’s assets and liabilities while assuming senior and subordinated debt. Under the agreement, Citigroup will take the first $42 billion of losses on Wachovia’s $312 billion mortgage portfolio. The FDIC (middle- and working class taxpayers) will absorb losses beyond the first $42 billion (my emphasis). To compensate the FDIC for the risk, Citigroup will pay the agency $12 billion in preferred shares and warrants.

Read the Full Article in the Mortgage News Daily.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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