Citi Posts Profits; Will Banking Rebound?

The New York-based Citigroup reported first-quarter net income of $1.6 billion, after posting a loss of $5.11 billion in the period a year earlier. Revenue was $24.8 billion, up 99 percent. Hello. 99% in a quarter? Anyone? Wells Fargo also boasted record earnings in the first Quarter. How does a bank like Citi post "profits" when they've borrowed 3x from government TARP support? I guess we'll find out. The answer lies in the old statement "follow the money." So how do you get some of this money? This money that came from you; US tax revenue to support the banks in the form of government bailouts and now they're boasting of profits? My answer is to take advantage of the low 30-year fixed interest rates, generally running in the mid 4%s. Bank have to keep these loans on their books for 30 years at painfully silly long term rates. If you have thought about a refi or a purchase, when would Now be a good time? Pat Townsley, Mortgage Master. 415-485-1776. www.ptre.net