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Citigroup bailed out subprime lender

A report by John Gittelsohn of the Orange Country Register details how Daniel Sadek, a subprime mortgage lender, was bailed out by Citigroup. Sadek was the founder of Quick Loan Funding which wrote over $4 billion in subprime loans before its demise in 2007. Citigroup, recipient of the largest federal bank bailout, offered Sadek modified loan terms in the summer of 2008 in an effort to salvage a mortgage he had fallen behind on. He defaulted on the modified loan in December. "That Sadek even got a second chance with Citi angered industry watchers who complain that banks have done too little, even with billions in federal assistance, to help borrowers facing foreclosure."

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