There was a nice moment in today’s House hearing on reasons lenders aren’t more readily reducing principal as a part of loan modifications (despite evidence that principal reduction has the most shot of keeping homeowners current on their mortgage payments). CitiMortgage CEO Sanjiv Das basically thanked the government for inserting itself into the debate. “The government’s role in getting us all together is welcome,” he said. “It’s important to get us all working together.”
What’s that now?
Das was referring to government efforts to guide how first- and second-lien holders should share the losses that come from loan modifications.
Read more: http://curiouscapitalist.blogs.time.com/2010/04/13/citi-thanks-the-feds-for-knocking-heads/#ixzz0l5EqiTvh
Citi is blowing smoke! They are foreclosing on many homes after forcing homeowners to jump through hoops. Citi steals bail out money from taxpayers and from homeowners, stringing a loan modification process on forever…only to foreclose without much time for homeowners to react. Often the homeowner is being told by Citi employees that their loan is “Still in review status” “Documents are missing”Ccomplete another modification package”… one excuse after another. Behind the scene, the homeowner reacts to all that is required, acting in good faith. Owners beware, Citi has already made the decision to take your property from the start! The Citi CEO’s are not telling Washington the truth. The HAMP is a BIG SCAM. Do not trust CitiMortgage, Fannie Mae, Freddie Mac, all of the big banks are greedy and do not care about the homeowner one bit!
CitiMortgage is the biggest liar of all big lenders! I fully agree with the comment from Nancy. I hear the same story from Citi customers. The home modification process sucks! It is all a nightmare and Citi employees are even voicing their concern about the illegal actions they are forced to follow by lead employees. The government is aware that so many homeowners are perfectly able to pay the modified mortgage yet, Citi is still choosing to foreclose. It is the quickest process and the Fed’s will always bail them out if losses are reported. What a shame that some people believe that CitiMortgage is doing the right thing. Homeowners are treated with no respect and no consideration is provided to “SAVE” homes. Citi stalls, and delays are so frustrating and the information provided to homeowners varies on the person who answers your call (after holding for a very long time while the caller gets transferred all over the nation!) Citi employees tell customers everything but the the real truth. It is a scam to get you to keep paying your mortgage and “work” long enough to obtain government funds. They “double dip” into taxpayers funds and will continue to do so because…Washington is too concerned about the power big lenders have on our economy. Kiss your home good bye homeowner. Foreclosure is the only option unless you are wealthy enough to file a legal case against Citi.
SCAM, SCAM, SCAM!