Citigroup unloading the Family Truckster (NYSE:C)
Citigroup Inc. (NYSE:C) is said to be in talks to offload up to $3 billion in car loans as it tries to remove billions of dollars of troubled assets from its balance sheet. To entice buyers, Citigroup is also offering some deal financing, next thing you know they'll be selling the Family Truckster versus the Super Sports Wagon.
(ft.com) The securitisation market’s failure to recover from its slump during the crisis is complicating efforts by Citigroup and other troubled financial groups such as AIG to sell unwanted assets and repair their balance sheets, bankers and executives say.
YOU THINK YOU HATE IT NOW, WAIT UNTIL YOU DRIVE IT
People close to the situation said that Citi had opened talks with private equity groups and hedge funds over the sale of $3bn-worth of car loans as part of its efforts to cleanse its balance sheet of billions of dollars in troubled assets.
To make the business more attractive, Citi is believed to have offered to provide the buyers of the loans with finance for a few years after the sale.
Bankers said that the initial response from potential bidders had been encouraging.
Some of the Citi loans have already been securitised under the term asset-backed securities loan facility (Talf), a US government programme aimed at supporting the ailing securitisation market.
SOURCE: http://www.ft.com/cms/s/0/1f812892-143c-11df-8847-00144feab49a.html?nclick_check=1
Best of the Blogs

BlogDroid 600
Scanning and identifying the best blog entries every hour
- THe WeaSeL AnD THe BeaR | ZeroHedge
- Fukushima Reactors Heating Up Again … Water Fails to Cool Them Down | ZeroHedge
- The Fed’s BFF | Financial Sense
- Precious Metals Looking for the Next Level | iBankCoin.com
- Markets, Murmurations, and Machines | Financial Sense
- Q&A with Alan Boyce: Freddie Mac and Inverse Floaters | ZeroHedge
- It Depends On Your Perspective | Financial Sense
Latest Headlines

Newsbot 3000
The most relevant financial news and articles from the Internets
- China's 65,000-Ton Secret | BusinessWeek
- Celebrities Tweet Their Reactions To... | Business Insider
- Tour One Kings Lane, The Big $440 Million... | Business Insider
- GASPARINO: James Gorman Didn't... | Business Insider
- The Least Stealthy Startup In The Valley Has Officially... | Business Insider
- Notable Stocks Trading Ex-Dividend Tomorrow 02/... | StreetInsider.com
- Here Are The Best iPhone And iPad Apps You Missed This Week (AAPL) | Business Insider



Post new comment