Industry News
Mortgage Industry News
Citigroup Posts Positive Earnings
04/19/2010
Citigroup announced 1Q earnings of $4.43B after posting a loss of $7.58B in the 4th quarter; the gain was mostly due to bad loan costs declining. After the SEC filed a lawsuit against Goldman on Friday, UK Prime Minister Gordon Brown asked the Financial Services Authority to start a probe, saying he was "shocked" at the "moral bankruptcy". Right now, the futures market is pricing in an 84% chance that the Fed keeps rates at .25% through August 10th, 2010. Currently, the Ten Year yield is at 3.78% (3.80% on Friday) and the 2-10 yield spread is at 282bps, steepening 1bp since Friday morning.
