As you may know, Citi as a provision of getting TARP funds, agreed to work with homeowners to avoid foreclosure by loan modification etc. Sounds good, right. That's what the Tarp is for.
But CITI had an ulterior motive here and if you thought the $50 million for the jet was bad, keep reading.
We have been struggling with our mortgage for some time. As soon as Citi got the TARP funds and agreed to work with homeowners, we contacted them to ask what options were available to help us.
Four ceritifed letters asking for assistance went unanswered. Today I learned why.
Citi, after accepting TARP money and agreeing to help struggling homeowners, has sold our loan effective 2/2009. The minute we asked them about their agreements to help us under TARP, they sell our loan.
I cannot imgaine we are alone on this. And I believe that this was Citi intent all along.
Citi: " Yes, Treasury Department, we will take your money and agree to
work with struggling homwoeners. Oh, guess what? How silly of
us not to mention this before wecashed your check. We just sold
off all those loans where homeowners asked for modification so
wehave no obligations on that front. We will still keep the money,though, thank you very much"
There must be accountability for this behavior.