CitiMortgage Company Description
Let's face it, 2008 was not a good year to have "mortgage" in your name. A subsidiary of Citigroup, CitiMortgage is a top residential mortgage originator and servicer in the US. It does business through a branch network, wholesale and correspondent channels, and the Internet. CitiMortgage got out of the wholesale mortgage business in 2008 and reduced its number of brokers to about 1,000. Citigroup had added to the division's bulk by purchasing ABN AMRO Mortgage in 2007. The deal brought in some $220 billion worth of mortgage servicing rights and some 1.5 million customers. But CitiMortgage continued to drag its parent down. It's among riskier assets that are being split apart from the company's banking units.
View the Comprehensive Company Description for CitiMortgage
The Company Description provides a historical perspective of CitiMortgage's organization from inception to current status.
Produced by Hoover's in-house editorial team, the Company Description tracks ownership transitions, company progress via mergers and acquisitions, major growth milestones, and strategic initiatives, to provide a holistic view of CitiMortgage's evolution in the marketplace.
