Citigroup Reorganizes Mortgage Operations

NEW YORK, N.Y. -- Citigroup announced that it was revamping its residential mortgage operations by bringing all its previously separate units, underwriting, back-office functions and collections under one roof.

By Staff Writer | January 09, 2008 at 04:52 AM

NEW YORK, N.Y. — Citigroup announced that it was revamping its residential mortgage operations by bringing all its previously separate units, underwriting, back-office functions and collections under one roof.

The move is seen as a cost-reduction effort and may entail some layoffs, but the company provided no details. Citigroup was one of the biggest issuers of subprime loans and suffered losses in the real estate downturn, which is still ongoing.

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