Citigroup Has Announced Its Plan to Rework Mortgages and Stop Foreclosures »

Posted By altnrg 7 months, 2 weeks ago in News

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News of the housing market's economic temper may have gotten to the nerves of major banks. Citigroup Inc has now joined the ranks of lenders who have established programs to help their borrowers.

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Comments So Far: 83 (view all)
  • 88%
    Charlson7 months, 2 weeks ago

    Citigroup has a reputation as a big banking corporation that is very impersonal not always easy to work with. It's good that they seem to recognize the need to help distressed homeowners and want to work with those with the income to meet their obligations.

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  • 44%
    stalemate7 months, 2 weeks ago

    All the banks should have reorganized their mortgages long age. Then a bailout would not been necessary. Every time the government sticks its nose into businesses we get screwed. Acorn pushed and intimidated these bankers into making unwise loans. That combined with greed was a wicked mixture.

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  • 91%
    engineer7 months, 2 weeks ago

    If the banks hadn't approved the loans in the firstplace, the current problem would not have happened. They counted on the value of homes constantly going up and those who could not afford the homes to increase their mortgages to keep paying the bank outrageous interest and fees. The banks greed backfired. The banks should have said NO!!!

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  • 50%
    nostalgia7 months, 2 weeks ago

    Two key requirements in the program
    "homes owned by its struggling borrowers who live in the said units."
    This prevents the speculators from getting bialed out

    "But the bank maintained that such a privilege will only be given to borrowers who have enough income to support the lowest offered payments. Such borrowers must also make an effort to resolve their foreclosure-related problems with them"

    Will help in simply preventing a future foreclosre because the owner can't make even the reduced payments

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  • 45%
    jerry997 months, 2 weeks ago

    There is plenty of blame to go around- to the mortgage brokers who wanted clients, to the greedy homeowners who wanted a "free ride" and bought homes they could not afford, but especially to Barney Frank and his finance committee. There is a U tube clip of oversight hearing on Freddy Mac/Fanny Mae where auditors identified the problems of giving people loans they could not afford and they were attacked by Barney Frank and each of the black members of his committee. Frank said that they were mandated to give 50% of their loans to people that were poor- read that to say people who could not afford them- and nothing would stop them from continuing. Another typical government failure in social engineering, the worst since Lyndon Johnson had HUD buy one home on each block in middle class neighborhoods in Detroit and put a welfare family in each one. Detroit's population went from 2.3 million to 900,000. Now Frank and company want bankruptcy judges to be able to change the principal on mortgages so they can decrease them hundreds of thousands of dollars so we taxpayers can continue this social engineering welfare program.

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  • 80%
    CajunChamp7 months, 2 weeks ago

    If Citigroup is eliminating 50,000+ jobs, who is going to run the company, the janitor? Who is going go bail out the laid off workers when they are forclosed on? Something isn't right here.

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  • 100%
    Will13137 months, 2 weeks ago

    The federal reserve sets banking rules and regs... Greenspan admitted that the fed dropped interest rates to stimulate the housing industry to stave off a recession in 2001...

    The peak period of the US real estate bubble which began in about 2002 when Alan Greenspan began the most aggressive series of rate cuts in Federal Reserve history was 2005-2006. Greenspan’s intent, as he admitted at the time, was to replace the Dot.com internet stock bubble with a real estate home investment and lending bubble. He argued that was the only way to keep the US economy from deep recession. In retrospect a recession in 2002 would have been far milder and less damaging than what we now face.

    Fannie and Freddie have a very small portion of the sub-prime mortgages... and in 2001.. the republican congress removed congressional oversite of Fannie and Freddie.. and gave it to HUD..

    LESS THAN 1% of the sub-prime mortgages are in CRA areas..

    that is the NON FOX NEWS VERSION..

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  • 100%
    Will13137 months, 2 weeks ago

    Banks were not selling MOST OF the sub-prime loans to fannie and freddie... they were being bought along with good loans by investment firms.. packaged into billion dollar lots and sold as MBS.. Mortgage Backed Securities.. to mostly retirement funds.. rolling good and bad mortgages into one package and selling them as bonds... with good interest rates and good ratings... till all hell broke lose.. then they cannot seperate where or which individual loans are actually in those bonds..

    Deutsche Bank Foreclosures Were Tossed Out of Ohio Federal Court .. because they don't hold actual mortgages.. only MBS.. judge said.. produce proof you hold a mortgage .. they could not..

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  • 50%
    reallypsst7 months, 2 weeks ago

    Citigroup is a commercial bank and is not consumer friendly, also the stagnation in mortgage restructure has a corrupt purpose of letting homes go into foreclosure so that banks and others can later resell at a profit.Thousands of homes are being foreclosed everyday.

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  • 100%
    writer02137 months, 2 weeks ago

    Ill see how this one ends up working out. Im not holding my breath though.

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    • 100%
      saneman7 months, 2 weeks ago

      When confronted with a problem, go directly to the top of the lending companies since they have the cognitive abilities to solve problems, Right? What idiots! Most of the financial disasters could have been nipped in the rear had these morons at the outset decided to work with the borrowers to avoid going through foreclosures which typically costs the lenders more in the end run. How do such morons ever become the CEO's of such institutions?

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      • 100%
        willottica7 months, 2 weeks ago

        I wonder how many of these foreclosures could be avoided if the homeowners were offered equal-sized mortgages with the best current rates available to "safe" customers: pretend they have perfect credit scores, and offer them mortgages at those interest rates.

        I imagine the number that would be saved is fairly significant. IMO, this is what any bailout should offer, and no more. Buy up/out the crappy mortgages, and replace them with good mortgages at fair rates - allow them to refinance based on the original purchase price even if their home is no longer worth what it was, because, quite frankly, that's not the homeowner's fault!

        If at that level, they still can't make ends meet, then they should lose their homes, because they are clearly living beyond their means.

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      • 0%
        jewelrychinapages7 months, 2 weeks ago

        Citigroup
        International financial conglomerate with operations in consumer, corporate, and investment banking and
        insurance.

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        • 100%
          Jeboba7 months, 2 weeks ago

          GEORGE W. BUSH pushed the mortgage industry off the edge in 2002 when he asked them to be more lenient. Don't believe it? Read this official white house news release!

          http://www.whitehouse.gov/news/releases/2002/06/20...

          It's not too hard to figure out, Bush was throwing his big money buddies another bone!

          And don't start the "It was the Democrats that did it" bullcrap! A bipartisan group tried to regulate and rein in the mortgage industry in 2004 only to be voted down by the REPUBLICAN controlled congress!

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          • 0%
            socialexpert7 months, 2 weeks ago

            Citi takes aim at the foreclosure crisis with a new program that creators say will save $20 billion and help hundreds of thousands of homeowners.

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