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Citigroup bailout may help some homeowners

Citigroup bailout may help some homeowners

The government’s multibillion-dollar bailout of Citigroup Inc. requires the giant financial services company to lower loan rates for struggling homeowners who are behind on their mortgage payments.

Borrowers whose loans are in a $306 billion pool of Citigroup assets that have new government backing may qualify for a reduction on their payment to 38 percent of their monthly income.

As of late Monday, neither the government nor Citibank could provide an estimate on how many borrowers may qualify for assistance. If the bulk of those assets are mortgages or securities based on them, potentially hundreds of thousands of borrowers could be helped.

The Associated Press

Oct. home sales drop more than expected

WASHINGTON – Nationwide sales of existing homes fell more than expected last month as economic fears made buyers leery even though prices plunged to the lowest level in more than four years. And the decline is expected to get worse because October’s results reflect sales contracts signed before Wall Street’s nose dive.

The National Association of Realtors said Monday that sales of existing homes fell 3.1 percent to a seasonally adjusted annual rate of 4.98 million units in October, from a downwardly revised pace of 5.14 million in September. Sales had been expected to fall to a rate of 5.05 million, according to economists surveyed by Thomson Reuters.

The Associated Press

Auto Web site says sales will be up in Nov.

NEW YORK – The auto Web site Edmunds.com said it expects a slight improvement in November vehicle sales compared with last month, partly due to record-high sales incentives, but volumes will still be sharply lower from a year ago.

Edmunds estimates new-vehicle sales in November of 850,000 units, up 1.9 percent from October’s dismal volumes. The figure, however, is down 27.6 percent from sales in November 2007.

The Associated Press

Nissan pulling out of Detroit, Chicago shows

NEW YORK – Nissan Motor Co. said Monday it is pulling out of the Detroit and Chicago auto shows, citing the tough economy and the lack of new vehicles to unveil.

“Based on the fact that we have no major new products to show at the 2009 Detroit and Chicago auto shows, as well as the current economic conditions, which will impact the shows’ marketing effectiveness, we have decided to cancel our involvement and participation,” the No. 3 Japanese automaker said in a statement.

Nissan is the latest and biggest automaker to withdraw from Detroit’s North American International Auto Show, scheduled to take place in January. Mitsubishi, Land Rover, Rolls-Royce, and Suzuki have all said they will not attend the show.

The Associated Press

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Citizen Online Archive, 2006-2009

This archive contains all the stories that appeared on the Tucson Citizen's website from mid-2006 to June 1, 2009.

In 2010, a power surge fried a server that contained all of videos linked to dozens of stories in this archive. Also, a server that contained all of the databases for dozens of stories was accidentally erased, so all of those links are broken as well. However, all of the text and photos that accompanied some stories have been preserved.

For all of the stories that were archived by the Tucson Citizen newspaper's library in a digital archive between 1993 and 2009, go to Morgue Part 2

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