Citi to let distressed homeowners stay for 6 mos.

Another day, Another program to help those losing their houses to foreclosure, I know its a "pilot program" at the moment but I think citi WILL expand the program nationwide. When does it stop, when do the handouts stop, the economy is so upside down at the moment that it seems anything goes. From bailouts to free handouts something has to give sooner or later, this is not how an economy is built.


Citi said Thursday it is launching the pilot program, dubbed "Foreclosure Alternatives," this week in Texas, Florida, Illinois, Michigan, New Jersey and Ohio. Initially, about 1,000 homeowners are expected to participate. Citi may expand the program nationwide.
 
All under water homeowners should be allowed to stay in their homes and have zero negative impact on their credit. Further, the value of their loans should be reduced to reflect current market value and at current interest rates. This program should be in effect until those political and corporate thugs that brought this havoc upon us are brought to justice. If the big boys walk away clean, so do the little people.
 
last year the banks took over ~3M houses. does anybody know how many of those were the only house owned by a given family versus secondary houses? basically, the question is how many people ended up on the street as opposed to having moved to their secondary residency.
 
People read the article. It isnt a handout.
Its just a deed-in-lieu variation where the (former) owner hands over the deed and is allowed to remain for 6 months. The reality is that between new state moratoriums and court delays it was taking 6 months to complete the eviction process (and then some) ANYWAY. All Citi is doing is saving themselves the litigation costs and they are trying to spin it into a program to help people. Whoop de do.
 
I think we've all seen that they are making all of this garbage up as it comes along. As one blogger puts it "the long emergency". Every effort is made to survive till tomorrow and that tomorrow used to be 20 years, then 10, then 5 and now it seems it's a matter of months. Just as they crazy glue one piece together, another piece falls apart.
 
Quote from shortie:

last year the banks took over ~3M houses. does anybody know how many of those were the only house owned by a given family versus secondary houses? basically, the question is how many people ended up on the street as opposed to having moved to their secondary residency. [/QUOTE

what about renting after foreclosure? isn't that what happens.
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