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Article: California Reinvestment Committee: Citigroup Plays Divide And Conquer Strategy.
- Article from:
- PR Newswire
- Article date:
- October 4, 2000
CopyrightCOPYRIGHT 2000 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SAN FRANCISCO, Oct. 4 /PRNewswire/ --
The California Reinvestment Committee (CRC) today called on banking regulators to hold hearings in Los Angeles and Oakland on Citigroup's planned purchase of Associates, an accused predatory mortgage lender. The Office of the Comptroller of the Currency and the FDIC are considering whether to approve this merger of Citigroup, whose California Citibank subsidiary seems to target upper income people, and Associates which is accused in numerous legal cases of unethical and predatory lending behavior targeting the elderly and low income.
CRC has reviewed 1999 home mortgage data for Citigroup and Associates subsidiaries ...