Citibank pushes alternative to foreclosures

Citibank pushes alternative to foreclosures

weiwentg.blogspot.com

CitiMortgage, a unit of Citigroup Inc. (C), announced Wednesday a pilot project that will let some delinquent borrowers remain in their homes without making mortgage payments for six months if they voluntarily transfer ownership to the bank.

(visit the link for the full news article)

I just seen this on CNN but their web site is not showing it yet.

I did however find this site that talks about the new program CITIBank is trying out.
I am not sure what to think of this at the moment. Yes it gives people a chance to get back on their feet and gives them time with a roof over their heads. But is this just a slight of hand for CITI to make even more money? I really wonder about any secret motives if any.

I will update new news headlines as it comes in.

What are your thoughts on this?

Raist


weiwentg.blogspot.com
(visit the link for the full news article)

Here are additional news sources.
www.tampabay.com...

"At CitiMortgage, we're committed to finding every solution possible to help families facing foreclosure. However, the reality is that not every homeowner has the financial ability to remain in their home," Sanjiv Das, CEO of CitiMortgage, said in a statement.

money.cnn.com...

It includes a pledge from CitiMortgage that it will pay the borrowers a minimum of $1,000 to help with relocation expenses.

www.businesswire.com...


I am skeptical of this. It sounds great in offhand but I find it hard that CITI is doing this out of kindness of their heart. I guess all these years of the “evil bankers” might have gotten to me. Certainly it seems helpful for the home buyers, but I find it difficult to trust CITI.

Raist

Oh what a sweet deal. So the banks screw-up and tank the entire economy putting millions out-of-work and thereby unable to pay their mortgages. And then hose same banks are bailed-out at taxpayers' expense and offer a 'program' whereby people can give their homes to the bank for 6mos accommodations and $1000 to get out. Nice.

So they screw the economy, take our jobs and business, take our tax money and then our homes. Where do we drop-off our first born?

Why for the love of God are we not starting the mother-of-all class action lawsuits and suing these people to death?

Save the world, eat a banker.

reply to post by jtma508


I doubt a lawsuit would help. I am sure they have the lawyers paid off.

Should we settle for what they are handing out and feel lucky or should the public drive forward for more? Should the public demand a drop in the interest rate and a fall back to the start of payments before the crisis?

I do not think there is a win in this for anyone on the average Joe public side. I do not think we will be taking the country back anytime soon. I believe we are stuck in the situation because too many have become lazy and followers of materialism. Look how many go out and buy the newest toys on the market as soon as they are released, yet struggle to put food on their table.

People gave up their responsibilities years ago for the most part. There are those who work hard and get screwed but just as many do not care to add to society either.

I am not defending the banks in any way they stole the money but at the same time we let them do it. Do you often let a thief watch your home while you are away?

Raist

Am I the only one that finds this somewhat disturbing?

Or does is this something others want?

Raist