Citigroup Lost $15 Million With UBS’s ‘Crap’ CDOs Blessed by S&P

Mary Childs, Bloomberg In just six months, Standard & Poor’s AAA blessing for a slice of a $1.5 billion collateralized debt obligation cost Citigroup Inc. its $15 million investment. The Vertical ABS 2007-1, a mezzanine cash flow structure built with asset-backed securities underwritten by UBS AG, is one of dozens of deals listed in the […]

Canadian Banks Block Homebound Seniors From Getting Their Money

CBC Some bedridden or housebound elderly people have been denied service by Canadian banks, which refuse to cash cheques and do other transactions on their behalf, unless they come to the bank. “It’s cruel — and there is no need of it,” said Linda Graham, whose 94-year-old mother went without her pension money for seven […]

Canadian home buyers scramble before mortgage rules change

Just 2 days remain in which 30-year amortizations will be allowed CBC The clock is ticking on Canada’s mortgage rules. Come Monday, insured 30-year amortizations will be a thing of the past, and the shift means many buyers are scrambling to find a home and seal a deal this weekend, before time runs out. As […]

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