Tag Archive for: CitiFinancial

Citigroup gets rescued!

Today the news came out that Citigroup (Citifinancial’s parent) received a government bailout. They received a 20 Billion dollar cash injection, this is after they have already received 25 billion earlier this year. Now don’t get me wrong, I am all for stabilizing the economy. Many pundits said that if Citi failed it would de-stabilize the whole banking system. While I do not exactly disagree with making sure that the big banks are liquid, in this case couldn’t a suitor been a good solution? Wells with the help of Berkshire Hathaway could have made this happen, as they are one of their largest shareholders. What do you think? 

The auto industry is sill looking for 25 Billion and have been thus far been left out in the cold. However the CEO’s and the executives of the big three really shot themselves in the foot by showing up in Washington last week by private jets. They would really convey the need for funds if they limited the excessive expenses and focused on their bottom line. They are saying if they go bankrupt the results could be catastrophic, by that we mean over a million jobs lost. 

The fact is that our economy’s are in rough shape. Our government leaders really have their work cut out for them. We can still do our part, and by that I mean making sure that we are all in the best possible financial shape to ride through these tough times. To do this, feel free to contact my office today for a no risk debt analysis, so we can show you how to maximize your income and use it to become debt free sooner.

Cheers,

Pat

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Citi Financial shuts doors to brokers!

Here is the note that I received from Citi Financial a few hours ago. What this basically means is that there are fewer and fewer choices for consumers and brokers alike. So right now if you have less than perfect credit your options are Wells Fargo or a private lender. Let’s hope that Wells sticks it out.

Cheers,

Pat

November 4, 2008

RE:         Broker Agreement with CitiFinancial Canada, Inc.

CitiFinancial Canada, Inc. has taken the decision to exit its broker referral business.  As such, we are hereby providing you written notice of termination of the aforementioned agreement (the “Agreement”), effective immediately.

Please be advised that we will honour any pending mortgage transactions in respect of which we have provided a signed commitment to your office, provided that we receive any outstanding documentation and are able to close the transaction on or before December 3, 2008.  

We will be in contact with you or your designee to discuss and finalize the following:

(1)     Return and/or destruction of information or materials that are confidential or proprietary to CitiFinancial Canada, Inc., if any is in your possession; and

(2)     Return and/or destruction of information or materials that are confidential or proprietary to Broker, if any is in our possession.

Please note that any provision in the Agreement, which by its sense and context is meant to survive expiration or termination of the Agreement, including, but not limited to, covenants, and all confidentiality and indemnification provisions, shall survive this termination.

We thank you for your consideration herein; it has been a pleasure working with you.

Sincerely,

_______________________

MARY BABICH

Senior Director, Operations

CitiFinancial Canada, Inc.