Acorrding to different people in the banking world, the type of mortgage that I have Citi, is considered a PREDITORY MORTGAGE. The interest rate is based on the European Libor rate plus 6.75% and not to excede 12%. After repeated calls to try and modify my loan to an agreed upon rate (I am willing to pay a fixed 7% at this time when the prime is only 2%) so that they won't foreclose on my home, I have gotten nowhere.
This giant corporation sucks! The only differance between this preditory company and a sexual preditor is that Citi does it for money.
This Citi corporation has even taken hundred of millions in Federal monies under the Project Hope Program and put into their pockets so that they can show investors that their profit loss was not as bad as expected, but in the meantime thousands are losing their homes to these preditors.in the south they're called carpet baggers.
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