Foreclosures related to the area impacted by the BP (NYSE:BP) crisis will be suspended by Citigroup (NYSE:C) starting on Thursday.
“By putting CitiMortgage foreclosures on hold, we aim to ease the burden on residents of the Gulf states so they can concentrate on the most urgent matters facing them,” Citigroup Chief Executive Officer Vikram Pandit said. “We will continue to explore ways to help people avoid foreclosure so they and their families can remain in their homes and have one less thing to worry about.”
Only those loans held by the mortgage unit of Citigroup, and what they identified as "certain other criteria," will be affected by the new bank policy.
Those qualifying for suspended foreclosures will include those the eviction process stopped if the properties of borrowers have already been seized.
Showing posts with label Foreclosures. Show all posts
Showing posts with label Foreclosures. Show all posts
Wednesday, June 16, 2010
Thursday, April 15, 2010
Labor, Housing Data Show Economy Still a Disaster
Data released concerning labor and housing confirm if we're in a recovery, it's now one that's sustainable, as another 24,000 applied for unemployment benefits for the first time and 35 percent more homes were foreclosed upon than in the same quarter last year.
So now we have a so-called jobless and foreclosure recovery.
As far as the jobless claims, every time we hear the numbers now the inclusion by the mainstream media is that it was unexpected. Well how come it's not unexpected to me and others, and I state it before it happens to confirm that.
Either productivity is so high with businesses that it's unprecedented, or the numbers are again being massaged to say what the Obama administration wants them to say.
Foreclosures reflect the weak housing and job market, while the job market reflects the fact that there is little hiring going on, if any at all, other then isolated instances.
I'm not convinced we're even out of a recession, let alone started on the road to recovery. Just because we hear some positive earnings reports doesn't mean a thing in relationship to the state of the U.S. economy, all that means is a lot of company continue to cut costs, not that they're able to raise margins to generate more profits from increased business.
There's nothing unexpected about any of this, and it will continue on for at least a year or more before there is really an turnaround, if it comes at all within that timeframe.
So now we have a so-called jobless and foreclosure recovery.
As far as the jobless claims, every time we hear the numbers now the inclusion by the mainstream media is that it was unexpected. Well how come it's not unexpected to me and others, and I state it before it happens to confirm that.
Either productivity is so high with businesses that it's unprecedented, or the numbers are again being massaged to say what the Obama administration wants them to say.
Foreclosures reflect the weak housing and job market, while the job market reflects the fact that there is little hiring going on, if any at all, other then isolated instances.
I'm not convinced we're even out of a recession, let alone started on the road to recovery. Just because we hear some positive earnings reports doesn't mean a thing in relationship to the state of the U.S. economy, all that means is a lot of company continue to cut costs, not that they're able to raise margins to generate more profits from increased business.
There's nothing unexpected about any of this, and it will continue on for at least a year or more before there is really an turnaround, if it comes at all within that timeframe.
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