Rate Cut What!!!

"Citigroup Inc. estimated Monday that its third-quarter profit will drop 60 percent, as the nation's largest bank took losses of more than $3 billion after writing down securities backed by underperforming mortgages and loans tied to corporate buyouts."

"Citigroup's announcement was the latest disappointment resulting from this year's problems in the mortgage industry and financial markets. Earlier Monday, Swiss bank UBS AG said it will post a third-quarter loss of up to $690 million partly due to losses linked to U.S. subprime mortgages. And on Friday, federal regulators shut down a small online bank called NetBank Inc. that failed because loan defaults."

Bad news for subprime borrowers: you may have to wait longer than expected to buy that house you can't afford.

EQUILIBRIUM! Its a wonderful thing!