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[quote=Anonymous][quote=Anonymous]Citibank participated in backing Tricolor group, which specialized in giving car loans to Spanish speaking illegal immigrants.  Now Citibank is taking a hundred million dollar loss.
Trump has used the shutdown to fire the government agency that was pushing this deal.[/quote]

For context: Since 2007, Tricolor has specifically marketed to customers excluded from traditional banking systems, like undocumented immigrants. In a bond deal this year, Tricolor disclosed that 68% of its borrowers had no credit score, and over half didn’t hold a driver’s license.

In 2022 the CEO is quoted- “The addition of Fifth Third Bank to our capital structure is another strong validation of our strategy and another significant step towards diversifying our sources of capital to support our growth as we continue expanding our platform into new markets,” said Daniel Chu, founder and CEO of Tricolor.

However, the real reason for the collapse is alleged fraud. In a double-pledging scheme, the lender pledges the same auto loan portfolio to multiple banks as collateral for different credit lines. Each bank believes it has exclusive claim to the portfolio’s cash flows or value, unaware that other banks have been promised the same assets.[/quote]

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