Citigroup Acquires Most of Wachovia; Not a Failure, FDIC Says

Third-quarter multifamily originations drop 16% from 2Q East West Bancorp Management Discusses Q3 2013 Results – Earnings Call Transcript – Good morning, and thank you for joining us to review the financial results of East West Bancorp for the third quarter. loan originations from our retail branch network continued to be very robust,

Keynote address from Janet Yellen on the tenth anniversary of the financial crisis – I’m sure that’s true for most of you here tonight. Washington Mutual was acquired by JP Morgan Chase and the FDIC announced that Citi would acquire Wachovia to avert its failure. Ultimately,

Citi settles Wachovia case | Fortune – Citi initially agreed in September 2008, two weeks after the collapse of Lehman Brothers, to buy Wachovia for a song in a government-assisted deal. An FDIC-backed acquisition would have amounted.

FDIC: Press Releases – PR-88-2008 9/29/2008 – About FDIC. All depositors are fully protected and there is expected to be no cost to the Deposit Insurance Fund. Wachovia did not fail; rather, it is to be acquired by Citigroup Inc. on an open bank basis with assistance from the FDIC.

PDF Podcast Script Episode 4: The Systemic Risk Exception – – Citigroup would acquire most of Wachovia’s assets and liabilities. The FDIC would agree to share future losses on a pool of $312 billion in loans, and Citi would agree to absorb up to $42 billion of future losses on the pool; if losses exceeded that amount, the FDIC would absorb them.

Citigroup Inc. to Acquire Banking Operations of Wachovia – FDIC, Federal Reserve and Treasury Agree to Provide Open Bank Assistance to Protect Depositors. Citigroup Inc. will acquire the banking operations of Wachovia Corporation; Charlotte, North Carolina, in a transaction facilitated by the Federal Deposit Insurance Corporation and concurred with by the Board of Governors of the Federal Reserve and the Secretary of the Treasury in consultation with.

Wells Fargo bids for Wachovia – That takes Citigroup and the Federal Deposit Insurance Corporation out of the picture. Citi was only looking to grab Wachovia’s banking operations. The FDIC said it would step in to pick up any loan.

Shadow Inventory of Homes to Take Nearly 3 Years to Clear: S&P strong employment numbers caused mortgage rates to take off with the 30-year fixed-rate average the highest it has been in nearly eight years. demand is still strong. With home price growth.

Citigroup demands that Wachovia, Wells Fargo call off deal – Citi says it had "nearly completed" the definitive agreements that would’ve finalized its acquisition. It added that it had been providing "liquidity support" to Wachovia since the. this new offer.

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Citigroup buying Wachovia banking operations – NBC News – FDIC says Wachovia didn’t fail, and that all depositors will be protected. In addition to assuming $53 billion worth of debt, Citigroup will absorb up to $42 billion of losses from Wachovia’s $312 billion loan portfolio, with the Federal Deposit Insurance Corp. agreeing to cover any remaining losses.

Wachovia Toast (WB), Citi (C) Buying Banking Ops – Business. – Citi will not be buying AG Edwards and other non-banking Wachovia operations. Citi is also granting the FDIC $12 billion of preferred stock and warrants to pay for the guarantee. Citi’s preferred.