Citi-Mortgage must be making so much money these days that they need additional mortgage losses to write off their bottom line... or at least that is the way it looks.  According to the San Jose CA law firm of Hunt and Henriques, representing Citi-Mortgage  in a real estate short sale transaction, “Citi-Mortgage would rather get nothing  than only take $10,000.  Since when did a good business decision mean walking away from something ($10,000) to get nothing ($000.00), and particularly bothersome, when you have your hand in the taxpayer’s pocket taking bail out money.  I guess they are laughing all the way to the bank, with the tax payer’s money.  Our hat is off to Citi-Mortgage and Hunt and Henriques for a really bad business decision; putting another home into foreclosure, further depressing the neighborhood, when instead it could have had a new buyer living in it.

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Quote from Business Week: the Treasury Department will provide Citi with an additional $20 billion, on top of an earlier investment of $25 billion. That cash will come from the government's $700 billion bank investment program aimed at providing relief for banks and in an effort to spur lending amid the economic downturn.

The Treasury and FDIC will also help guarantee potential losses on up to $306 billion of risky loans and securities backed by mortgages held by Citi. Under the agreement, Citi will assume the first $29 billion in losses on the assets. After that, the government will absorb 90 percent of the remaining losses, with Citi shouldering the other 10 percent.

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