Citigroup to lower mortgage payments for some homeowners that are out of work

[hey_moe]

This is what I call really helping out >> http://www.dailypress.com/business/sns-ap-citigroup-mortgages,0,348780.story

[lifejogger]

Makes sense to me. It would be better to have some cash coming in by allowing the home owner to make smaller payments than having foreclosure and not getting any payments at all.

[Cazzie]

This is what I call really helping out >> http://www.dailypress.com/business/sns-ap-citigroup-mortgages,0,348780.story


I am also reading that a lot of the sub-prime mortgages have been dealt so often that lawyers defending the people about to be foreclosed are asking the current holders to present the original documents.....and most of them cannot.

As one old famous personality once said, "What a fine mess you gotten us into."

Caz

[stansdds]

I could say some things about how certain companies should do business and that if they did they would have little or no interference from Uncle, but doing so might spark a political debate and this isn't the place for that sort of thing.

[Cratermaker]

I am also reading that a lot of the sub-prime mortgages have been dealt so often that lawyers defending the people about to be foreclosed are asking the current holders to present the original documents.....and most of them cannot.

As one old famous personality once said, "What a fine mess you gotten us into."

Caz
This is probably due to the fact that mortgage companies were buying/selling/swapping them like baseball cards. (Except it was more like trading the stats and the original card was destroyed.)

[hey_moe]

For get all the BS...Most companies could really care less if you were dumped on the street..for a mortgage company to agree to hold up the full payment is kinda nice..Mike