Citi Mortgage made a dramatic announcement on December 17, 2009 shouting that they were suspending foreclosure activity across the country. A copy of that annoucement can be found here and the Citi website can be found here.
While that sounds dramatic and wonderful and all that, the absurd thing about it is this dramatic program only affects 4,000 people at most out of a loan portfololio that totals more than $746 billion dollars. As an example of how the press picks up on such a story and acts as if the announcement has any significance, see the attached article from the Tampa Tribune.
Just add this magnificent program and dramatic announcement to the dozens of other ones I’ve written about on this blog that have little or no practical affect for consumers who are hurting.
THE ANNOUNCEMENT IS A SCAM BEING PERPETRATED BY THE COMPANY ON CONSUMERS AND POLICY MAKERS AND WILL HAVE LITTLE OR NO AFFECT ON THE PROBLEMS FACED BY EVEN THOSE 4,000 THEY CLAIM TO BE TARGETING!
If you’re in trouble, don’t count on a program or announcement….hire an attorney who will fight like hell for you. www.mattweidnerlaw.com