The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: The Reaper who wrote (287717)	10/29/2010 2:37:10 PM
From: Les H	Read Replies (1) of 306849

Caveat Dumptor Testimony from Mr. Richard Bowen, former senior vice-president and business chief underwriter with CitiMortgage Inc.: "In mid-2006 I discovered that over 60% of these mortgages purchased and sold were defective. Because Citi had given reps and warrants to the investors that the mortgages were not defective, the investors could force Citi to repurchase many billions of dollars of these defective assets. This situation represented a large potential risk to the shareholders of Citigroup." marketoracle.co.uk

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