10/19/2010

John Gerspach, chief financial officer at Citigroup, discussed the foreclosure issue with analysts after the company reported better-than-expected profit for the third quarter. Gerspach said three issues are concerning investors, including securitized mortgages, "robo-signing" and potential losses from repurchases demanded by Fannie Mae, Freddie Mac and other entities. Gerspach said in defense of the first concern that "well-established securitization loan transfer processes are an effective means to transfer ownership in the mortgage loans."

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