Oh joy. Guess who holds my mortgage?
> trying to minimize losses on bad credit card accouns
hmm. Too late. But this is what they all should have done, all along, instead of giving credit to people who could not pay, taking losses on those, then ripping off creditworthy customers.
Near the end of the article it says Citi had $8 BILLION in consumer credit losses in Q3 including both mortgages and credit cards. And they say that will continue to track the unemployment rate upward (duh!).
We should expect Frank, Dodd, Rangel, Pelosi, Reid, et al to come out soon with a proposed law that will stop them from closing credit cards.