Citigroup Embroiled in ‘Mortgage Mess,’ Ritter Says: Tom Keene

Citigroup Inc. faces an “ongoing mortgage mess” for years as U.S. home prices drop further, according to David Ritter, an analyst at Argus Research Corp.

“You just have this massive overhang of inventory on the banks’ and financial companies’ balance sheets,” Ritter said in a Bloomberg Radio interview on “Bloomberg Surveillance” with Tom Keene, referring to housing inventory. It’s “just going to continue to spill out into the market,” Ritter said.