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This is a discussion on CIT Group Files for Bankruptcy within the Citi Mortgage & Citi Financial Homeowner Help Center forums, part of the Stop Foreclosure and Tell Us Your Story category; CIT Group Files for Bankruptcy After months of efforts to stay alive, the company filed for Chapter 11 -- but ...
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| | #1 (permalink) |
| Senior Member Join Date: Nov 2008
Posts: 64
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | CIT Group Files for Bankruptcy CIT Group Files for Bankruptcy After months of efforts to stay alive, the company filed for Chapter 11 -- but under a so-called prepackaged bankruptcy plan that will enable it to emerge from court protection by the end of the year. Read More: http://dealbook.blogs.nytimes.com/2009/11/01/cit-to-file-for-bankruptcy-soon?emc=na |
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| | #2 (permalink) |
| Senior Member Join Date: Mar 2009 Location: Washington State
Posts: 270
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: CIT Group Files for Bankruptcy How does this affect CitiMortgage? I am not too knowledgeable about which ARM of CITI is the Mortgage unit!
__________________ (formerly TB98629) Moe Bedard is going to save this country! URGENT! PLEASE TAKE A MOMENT AND SIGN OUR PETITION TO THE U.S. GOVERNMENT FROM AMERICAN HOMEOWNERS: CLICK HERE Representing Washington State, and Never Giving Up Follow Me On Twitter @SocialApocalyps |
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| | #3 (permalink) |
| Senior Member Join Date: Nov 2008
Posts: 64
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: CIT Group Files for Bankruptcy This is taken directly from the CitiMortgage website -- ©2009 CitiMortgage, Inc. CitiMortgage, Inc. does business as Citicorp Mortgage in NM. CitiMortgage, Inc. is an equal housing lender. Citi and Citi with the arc design are registered service marks of Citigroup, Inc.; citimortgage is a registered trademark of Citigroup, Inc. It will be interesting to see how Citigroup streamlines its lines of business and how that may impact outstanding mortgage accounts. I don't think we'll know until more details are provided about the Chapter 11. dasmom |
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| | #6 (permalink) |
| Senior Member Join Date: Feb 2009 Location: N. California
Posts: 304
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | You are correct. CIT is completely separate from CITI. Unfortunate name similarity. CIT makes loans to small businesses. This will affect many people, but not those of us dealing with mortgage companies. Different deal altogether. You can read up on CIT if you google them. Just don't forget not to add in the final I! |
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| | #7 (permalink) |
| Senior Member Join Date: Jul 2009
Posts: 1,155
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: CIT Group Files for Bankruptcy CIT will be the 5th largest bankrupcy in US history (nothing whatsoever to do with CitiGroup) I supplies working capital for inventory etc for a huge number of small businesses that can't get bank financing. It got a $2.8 Billion initial bailout but recently Treasury denied any more funding resulting in the BKK. |
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| | #8 (permalink) |
| Senior Member Join Date: Mar 2009 Location: Washington State
Posts: 270
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: CIT Group Files for Bankruptcy Gosh I feel silly for missing that. I must have "citi" on the brain
__________________ (formerly TB98629) Moe Bedard is going to save this country! URGENT! PLEASE TAKE A MOMENT AND SIGN OUR PETITION TO THE U.S. GOVERNMENT FROM AMERICAN HOMEOWNERS: CLICK HERE Representing Washington State, and Never Giving Up Follow Me On Twitter @SocialApocalyps |
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| | #9 (permalink) |
| Senior Member Join Date: Feb 2008
Posts: 194
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: CIT Group Files for Bankruptcy So it look's like Timmy make a 2.8b dollar mistake, boy if they would have put that money to work helping home owner's it's sure would have done allot better. I think it is time for some of the good old boy's to in-roll in so good old fashion credit counseling. |
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| | #10 (permalink) |
| Senior Member Join Date: Feb 2008
Posts: 194
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: CIT Group Files for Bankruptcy Let Me Try Again this is "Important" So it look's like Timmy make a 2.8b dollar mistake, boy if they would have put that money to work helping home owner's it's sure would have done allot better. I think it is time for some of the good old boy's to in-roll in so good old fashion credit counseling. |
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