Housing Recovery, Not

CNNMoney tells MHProNews while Citigroup reported a net profit of $468 million for the third quarter, including several significant losses, their mortgage originations, unlike other large lenders, fell 15 percent from a year earlier to $14.5 billion. Chief Financial Officer John Gerspach, admitting his company did not increase staff quickly enough, is also skeptical that a true housing recovery is under way. He says some stabilization is occurring, but there are important challenges that must be addressed. Taking issue with JPMorgan Chase CEO Jamie Dimon who says “the housing market has turned a corner,” Gerspach says, “I don’t like phrases like turned the corner. I have difficulty seeing corners.” Citi’s stock is up almost 37 percent on the year. It rose over four percent in afternoon trading Monday, Oct.

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