Hi all,
It’s been a busy few weeks (yeah i always say that), anyway…
Here some positive news which should filter across the pond to us judging by the current trends:
Citigroup plans to use some $36.5 billion of its U.S. government capital infusion for new mortgages, credit card loans and to buy mortgage-backed securities in the coming months.
On Tuesday it will give details of how it will increase lending by using funds provided under TARP (Troubled Asset Relief Program) the CEO said. Chief Executive Vikram Pandit said “Our responsibility is to put these funds to work quickly, prudently and transparently to increase available lending and liquidity,” although Citi could not be reached for comment at this time.
Other U.S. banks rescued by bailouts are under pressure to deliver lending to help the tight credit markets and spark a recovery in the economy. They received $45 billion in capital from the U.S. Treasury in two installments late last year.
Citi’s management will allot $25.7 billion for U.S. residential mortgages, $5.8 billion to credit card loans, $2.5 billion for personal and business loans, $1.5 billion for corporate loans and $1 billion for student loans, the AP report said. The final $8.2 billion will be mortgages issued to homeowners.
Good news eh?
As a side note i’ve been currently very busy helping my friend with his SEO site Increase My Ranking the reason i mention this is that he’s had to branch out from his financial sites on payday loans etc into SEO until things recover. Which hopefully they will..
Thanks for reading,
Derek
