< HOME  Sunday, July 16, 2006

Unlike the US, Japan Holds Citibank Accountable

While the corporate terrorists in Congress join Citigroup in their evil, Japan has told Citigroup what they can do with their terrorist cell, not to mention lousy customer service.

"Japanese financial watchdog has reprimanded Citibank Japan for a computer problem that botched hundreds of thousands of bank transactions and ordered the company to take major steps to improve the system. The Financial Services Agency said yesterday it ordered the Japanese unit of Citigroup Inc. to fundamentally re-evaluate and redevelop its current system of governance, internal control and outsourcing following a series of system failures involving transaction processing that affected thousands of individual and corporate customers earlier this year."

But until we get the Democratic-Republican corporate terrorists out of office don't count on anything like this to happen in the United States.


At Sunday, July 16, 2006, Blogger qrswave said...

I wouldn't give Japan too much credit. The entire derivatives market and the accompanying inflation is the BOJ's fault - they lend tons of money to brokers and bankers at zero interest.

They take it and lend it to others and bid up prices of everything in general.

At Sunday, July 16, 2006, Blogger qrswave said...

but, it's a good catch!...:)

At Sunday, July 16, 2006, Blogger nes718 said...

Somewhere in the run up to WW3 it is said there will be an accompanying bank panic world wide. Things that make you go hummm....

At Sunday, July 16, 2006, Blogger Citisucks said...

Good Point Qrswave. But I am just glad to see someone calling this corporate terrorists out on all their evil. Of course in the Phillipines the legislature there did much better they all ripped on their Citicards in protest.

At Sunday, July 16, 2006, Blogger qrswave said...

yes, nesnyc, that's about to happen.


Citisucks, did they, really? Good for them!

At Sunday, July 16, 2006, Anonymous Anonymous said...

Citisucks said...

Good Point Qrswave. But I am just glad to see someone calling this corporate terrorists out on all their evil. Of course in the Phillipines the legislature there did much better they all ripped on their Citicards in protest.

Sun Jul 16, 09:10:35 PM EDT

>>>>>>>>>>>>>>>>>>>>> I sure hope that did indeed happen >>>>>>>>>>>>>>>>>>>>>>>>

At Sunday, July 16, 2006, Anonymous Anonymous said...

Just in time. http://thehousingbubbleblog.com

July 16, 2006

ARM Resets ‘The Big Question’

The New York Times has this report on adjustable rate home loans. “The raising of interest rates on millions of adjustable rate mortgages over the next several years has all the makings of a classic horror story. As home prices appreciated from ridiculously high to unbelievably higher, more Americans began using mortgages that allowed them to buy more house for less of a monthly payment.”

“Next year, a large portion of those rates move up and homeowners who opted for the exotic mortgages could find their payments doubled.”

“With more homes on the market, prices could begin to fall. That reduces home equity and could force people whose loans change in 2008 and 2009 to consider selling, further accelerating the drop in prices.”

“Mortgage lenders, however, say they are not worried. Why? ‘It offers an opportunity,” said Brad Brunts, at Citi Mortgage, a unit of Citigroup. He, like others in the mortgage industry, sees the higher payments as a boost to the flagging mortgage refinancing business. Lenders will adjust about $500 billion in mortgages this year and $700 billion next year. Expect to find the mailbox stuffed with refinancing offers.”

“Anyone with a rate that will increase in the next few years ought to worry. If homeowners have an adjustable-rate mortgage, they can hope or pray that there is a recession severe enough for the Federal Reserve Board to lower interest rates. But they would also have to hope or pray that the recession was not so severe that they lost their jobs.”

“Hoping or praying is not a useful financial strategy, if only because most economists think that rates will climb a bit more and then stay steady through 2007. No one can say with any certainty whether rates will rise or fall in 2008 or 2009.”

“‘It all depends on the ability to refinance before the interest rate resets,’ said Suzanne Mistretta, senior director of Fitch Residential Mortgage, which analyzes credit risk of mortgages. ‘Most of them will get out. Hopefully, they will get out,’ she said. ‘That is the big question.’”

“Sometimes, though, homeowners may have to take more drastic steps. The lender may not be interested in refinancing a home loan when the value of the home is below the loan amount. That could happen because a homeowner took out all the equity in a previous refinancing. (Freddie Mac estimates that Americans took $556 billion out of their homes through cash-out refinancings and home equity loans since 2004.)”

“It could happen if the price of the house has fallen or if the owner has been making only the minimum payment on a payment-option loan so that the loan balance has actually grown. The best option then is probably to sell the house and scale back. Homeowners may also want to sell if they can clearly see that there is no way they can make the higher, refinanced payment.”

“In that case, it is better to act now before a few million other interest-only mortgage holders dump their homes on the market.”

Written By: Ben Jones @ 12:04 pm

Go to thehousingbubbleblog.com for the rest of blogger comments. This is an excellent website, I've been following it for about 4 years now, before I found this gem! ;)

At Sunday, July 16, 2006, Blogger qrswave said...

Hey, thanks for the scoop and thanks for the kind words!

The Federal Reserve System is the nation's perennial unnatural disaster.

It's because Americans are uneducated that this insane blood-sucking fraud continues unabated.

Andrew Jackson was oh so right:

"If the American people only understood the rank injustice of our money and banking system, there would be a revolution before tomorrow morning..."

and so was anonymous, in The Ultimate Diversion.

God help us all. The world is in for a very hard landing.

At Monday, July 24, 2006, Anonymous Anonymous said...



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