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Tag Archives: Citigroup

Citi to Reduce Mortgage Payments for Disabled Veterans

Veterans wounded, injured, or disabled in the line of duty can now make reduced monthly payments on CitiMortgage-owned loans as part of a new initiative by the financial services company. The Citi Disabled Veterans Mortgage Relief Program offers an interest rate reduction of 2.5 percent on existing mortgages for a period of two years. Surviving spouses may also be eligible for the program.

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CitiMortgage Hosts Foreclosure Prevention Event in Los Angeles Area

CitiMortgage and Los Angeles Neighborhood Housing Services will host a free homeowner outreach event for distressed homeowners in Torrance, California on Tuesday. Part of the Citi Road to Recovery Homeowner Assistance Series, the event is open to all homeowners needing help with their mortgage payments.

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Citi Earns $3B in Q1 as Credit Losses Narrow

Citigroup Inc. said Monday that it pulled in net income of $3.0 billion for the first quarter of 2011. The bank's profit declined $1.4 billion from the first quarter of 2010, but more than doubled compared to the final three months of last year. Even with the year-over-year drop, the lender's Q1 earnings beat analysts' expectations. Citi reported that the company's net credit losses declined 25 percent from a year earlier to $6.3 billion, as credit quality continued to improve for the seventh consecutive quarter.

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Regulators Hand Down Enforcement Actions to Servicers, Vendors

The Office of the Comptroller of the Currency, Federal Reserve, and the Office of Thrift Supervision announced formal enforcement actions Wednesday against 14 mortgage servicers and two firms that provide foreclosure-related services to the industry - LPS and MERS. The consent orders are the result of regulators' investigations into robo-signing allegations and represent a settlement with the firms involved, at least in part. Both the OCC and Fed say they believe monetary sanctions in these cases are also warranted, and they plan to pursue such actions separately.

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Citi Faces Lawsuit Over HAMP Mod Denials

CitiMortgage Inc. has been hit with a class action lawsuit for allegedly denying borrowers a permanent loan modification through the government's Home Affordable Modification Program (HAMP). The complaint was filed with a U.S. District Court in Pennsylvania on behalf of homeowners in the state who have entered into a trial modification plan, made all payments as required, and complied with CitiMortgage's requests for documentation, but have not received or have been denied a permanent HAMP mod, according to the lawsuit.

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SEC Rules Banks Must Allow Audit of Foreclosure Practices

New York City Comptroller John Liu has announced a victory for the members of the New York City Pension Funds who have long been calling for banks to conduct an independent audit of their mortgage foreclosure practices. The NYC Pension Funds requested an audit of the banks' practices in November and again in January to no avail, but the Securities and Exchange Commission (SEC) has ruled that the banks must put the group's request on the ballot at their annual shareholder meetings this spring.

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National Credit Union Association Threatens Lawsuit Against 4 Firms

Another lawsuit centered around mortgage securities backed by faulty loans may be brewing. The National Credit Union Administration (NCUA) has threatened to sue four banks and investment firms unless they refund more than $50 billion for mortgage-related bonds that went bad. Goldman Sachs, Bank of America's Merrill Lynch unit, Citigroup, and J.P. Morgan Chase are named as the targets of NCUA's legal threats. The regulator says mortgage securities sold by these companies led to the collapse of five wholesale credit unions.

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Servicers Face New Rules, Penalties for Foreclosure Processing Mistakes

When evidence surfaced last fall of flawed foreclosure documentation and robo-signers within some of the nation's largest servicing shops, federal regulators launched an investigation into the foreclosure and servicing practices of 14 companies. Officials say they've uncovered ""critical deficiencies and shortcomings"" and will be enforcing sanctions and penalties against servicers and developing a set of national mortgage servicing standards for the industry.

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Moody’s Takes a Closer Look at the Dynamics of Mortgage Re-Defaults

Moody's Investors Service studied two million loans backing residential mortgage-backed securities (RMBS) pools and found that a loan that is modified and then reported as current is three times as likely to default over the ensuing twelve months as a current loan that has not been modified. The agency's also put the practices of eight major servicers under the microscope. It found that six-month re-default rates vary considerably, from 20 percent for Citi and Litton to 33 percent for Bank of America.

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HAMP Mods Slowing, Outnumbered by Rejections and Cancelations

Last week, the special inspector general for the Troubled Asset Relief Program, released a report to Congress saying servicers are not doing all they can to help facilitate the process of keeping borrowers in their homes. To date there have been 1,025,907 homeowners rejected for HAMP modifications by the eight largest servicers, and there have been 572,655 canceled trial modifications, which typically occurs because of insufficient documentation, program ineligibility, or because the borrower missed payments.

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