Citi's response to the mortgage crisis.

My son and I invested in Citigroup. We believe that Citigroup will be a leader in the coming economic recovery......Jim Colyer

Citi is one of the best managed company given what is happening around the world. Citi is relatively smaller, more efficient, smarter and ready to do business in coing decades. 36 billion dollars of cash reserve, 190 billion (correct me if any figure is wrong) as cash assets? What else phenomenal job can be expected during this time of failing economies, failing archictectures of financial systems and failing business models? Vikram Pandit and his management team deserves the super High Five for converting this failing institution into the most successful, potentially, bank in the World.

This post is well-crafted spin but is very light on real content. I approached Citi about modifying my mortgage, as I'm now underwater due to the drop in home value. I'm the homeowner you don't hear about; bought what I could afford, paid on time and didn't get behind... but the times make it tough to get that mortgage paid. When I asked Citi about a modification or a refinance, I was told that no modification was possible (due to my purchase of an affordable home instead of a monstrosity I couldn't) and that, sure, they could refinance, but with closing costs and the interest rate what it was, it really wouldn't help my monthly payments.

I'm disappointed in Citi's lack of real assistance for customers who've kept up their end of the bargain and who are looking for some assistance in return. Specifically, there should be lower-cost options for refinancing for existing customers (a break on the interest rate and/or lower closing costs) so those refinances actually help people.

This is whole site just simple PR. Logical move by Citi. Control the message. I for one am not buying into the messages though. Citi and all the "big banks" need be hurt by this crisis they caused. We consumers have only one weapon to use and that's our business. Move your money to small local banks. Your checking accounts, savings accounts, CDs etc. But don't stop there. Cut up your Citi card. Avoid any and all loans from these institutions. Cut them down to size. We have only one weapon to use, but it's a powerful weapon. Wake up people and punish Citi and all the others. We can do this!

Word on the street among non profits is that Citi is one of the better lenders to work with in this mortgage crisis. There is admittedly a backlog on decisons and this is a critical error where Citi, FNMA & FHLMC need to adopt new processes that will take even greater steps to assist homeownership!

How about a program to help Citi mortgage borrowers that took out a reasonable mortgage, have always paid their mortgage and are not being foreclosed, but now find themselves unemployed? I have still have assets to pay my mortgage but would like to take advantage of the lower rates available now.

I love the blog!

And what percent of those loan mods in fact saddled the borrower with a *higher* balance? Is it approximately the industry average of 70%?

http://rortybomb.wordpress.com/2010/01/27/mortgage-servicing-performance-ii-predatory/

Fellow homeowners, what's your loan-to-value again? 200%? Good luck avoiding foreclosure; you're under house arrest, for life!