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Citigroup's (C) reluctance to pare its mortgage assets at fire-sale prices could pay off, says KBW, as it now stands to greatly benefit from rising home prices. It's a flow vs. stock argument as Citi - compared to WFC, JPM, or USB - does a relatively small amount of (now under profit-pressure) mortgage origination volume, but still has loads of questionable paper on its books. Also positioned to benefit is BAC.
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