Wells Fargo & Co. (NYSE: WFC) and Citigroup, Inc (NYSE: C) may be the next two major banks to announced that they are going to suspend foreclosures, said Fox Business Network’s Charlie Gasparino on Monday afternoon.
Bank of America Corp (NYSE: BAC), JPMorgan Chase & Co. (NYSE: JPM), GMAC (Ally Financial) and a division of Goldman Sachs Group Inc. (NYSE: GS) have already announced that they would be halting foreclosures as they review their internal processes and as attorneys general around the country investigate potential cases of fraud in the foreclosure processes.
Reuters reported on Sunday that that “more than two-thirds of U.S. attorneys general plan this week to launch a joint probe into charges some banks used fraudulent paperwork to kick struggling borrowers out of their homes,” citing a “source familiar.”
Citigroup Inc. (Citigroup) is a global diversified financial services holding company. The Company provides consumers, corporations, governments and institutions with a range of financial products and services. As of December 31, 2009, Citigroup had approximately 200 million customer accounts and did business in more than 140 countries. Citigroup operates through two primary business segments: Citicorp, consisting of its Regional Consumer Banking (RCB) businesses and Institutional Clients Group (ICG), and Citi Holdings, consisting of its Brokerage and Asset Management (BAM), Local Consumer Lending (LCL), and Special Asset Pool (SAP). In April 2010, Barclays PLC acquired Italian credit card business of Citibank International Bank plc. In May 2010, the Company announced the creation of a new Collateral Management Services unit within its Securities and Fund Services business.
Shares of Citigroup, Inc (NYSE: C) traded down 0.24% during mid-day trading on Monday.
