April 7, 2014 5:19 PM | 2 min read |
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
Citigroup (NYSE: C) today announced that it has reached an agreement with 18institutional investors, represented by Gibbs & Bruns LLP, regarding theresolution of certain legacy Securities and Banking private-labelsecuritization representation and warranty repurchase claims. Under theagreement, Citigroup will make a binding offer to the trustees of 68Citi-sponsored mortgage securitization trusts to pay $1.125 billion to thetrusts, plus certain fees and expenses, for which Citi has taken an additionalcharge of approximately $100 million in the first quarter of 2014. The 68trusts covered by the agreement issued in the aggregate $59.4 billion ofresidential mortgage-backed securities and represent all of the trustsestablished by Citi's legacy Securities and Banking business during 2005-2008for which Citi affiliates made representations and warranties to the trusts.The agreement, if accepted by the trustees, would release Citi's obligation torepurchase mortgage loans sold into the trusts, or make the trusts whole, foroutstanding or potential claims for breaches of representations and warrantieson the loans.The company released the following statement:“This settlement resolves a significant legacy issue from the financial crisisand we are pleased to put it behind us.”The agreement would not release potential investor claims relating to allegedmisrepresentations in the offering documents associated with theseprivate-label securitizations, nor any potential regulatory actions. Further,the agreement does not cover mortgage loans sold through private-labelsecuritization trusts via Citi's consumer mortgage business in CitiMortgage,Inc. The agreement is conditioned on, among other things, acceptance by thetrustees of the applicable trusts, and court approval, if sought by thetrustees.Citi, the leading global bank, has approximately 200 million customer accountsand does business in more than 160 countries and jurisdictions. Citi providesconsumers, corporations, governments and institutions with a broad range offinancial products and services, including consumer banking and credit,corporate and investment banking, securities brokerage, transaction services,and wealth management.Additional information may be found at www.citigroup.com | Twitter: @Citi |YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook:www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
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