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Nonprofit Groups PressFor Subprime Relief;Deciding Who Gets HelpNovember 26. 2007 WSJBy LAURIE P. COHENPaulo Perez a graphic artist hasn't made payments in months on the $330,000 mortgage on his ranch house in La Puente. Calif. It fell to Citigroup Inc.'s mortgage-servicing unit to decide what to do about that. After Citigroup moved to foreclose on him. Mr. Perez who is 28 years old asked the financial giant to cut his monthly payments to a level he can afford. Citigroup representatives eventually said no offering him a less appealing suggestion: Sell your house turn over the proceeds and we won't go after you for any unpaid balance. On the front lines of the great American mortgage workout tens of thousands of borrowers are in trouble and looking for relief. Washington has offered advice about what lenders should do and influential groups that counsel low-income borrowers are ratcheting up pressure on Citigroup and others to offer struggling homeowners more favorable terms on their existing loans -- even borrowers whose finances seem hopeless. In many ways the pressures Citigroup faces reflect those on other mortgage servicers whose job it is to collect monthly payments and pass them on to mortgage investors. Servicers are responsible for protecting the financial interests of those investors. But they also have become targets for criticism that the mortgage industry isn't doing enough to clean up problems arising from years of careless lending to subprime borrowers with shaky credit. Citigroup however may have a bigger mess on its hands than many. In September as the U. S housing crisis deepened it bought servicing rights to a problematic $45 billion mortgage portfolio. It announced a commitment to "help distressed borrowers remain in their homes," working with Acorn Housing Corp. a nonprofit group that counsels low- and moderate-income home buyers. But with 46,000 borrowers already in default. Citigroup is struggling with the magnitude of the portfolio's problems and its relations with Acorn are fraying. U. S. Treasury Secretary Henry Paulson has called for financial firms to help borrowers by easing terms on lots of mortgages. The chairman of the Federal Deposit Insurance Corp has proposed that mortgage servicers make low initial "teaser" interest rates permanent on performing subprime loans. Earlier this month the House of Representatives passed a bill aimed at setting new rules for mortgage lending. Acorn and other nonprofit community groups contend that mortgage servicers have no right to play hardball with borrowers. Subprime lenders these groups say talked customers into loans they couldn't afford by encouraging them to overstate their incomes and by basing the loans on inflated appraisals. Anyone with stabilise enough income to make regular monthly payments should get a restructured mortgage the groups argue. On the other hand. Douglas Duncan chief economist for the Mortgage Bankers Association argues that lenders aren't the only ones to blame for the subprime-lending debacle. Among the many culpable parties he says are the borrowers who didn't follow through on their obligations. Citigroup declined to discuss in detail its handling of the troubled servicing portfolio. "There are no easy answers here," it said in a statement. "We are confident that the work we undergo done over the last two months and our commitment going forward will bring us closer to creating a scalable long-term solution."Despite the problems. Citigroup's servicing business doesn't carry the kind of financial risk it has on its other mortgage investments. Surging defaults on subprime mortgages have already taken a heavy knell on the nation's big financial institutions. Complex debt securities tied to the mortgages have plunged in value leaving them with more than $40 billion in losses. Citigroup took a $3.5 billion write-down in the third quarter and has said it expects to approach up to $11 billion in additional losses connected to the credit crunch by year's end. Charles Prince resigned as chief executive officer. The nation's owe servicers will help determine how many more billions this giant real-estate workout is likely to cost. Under their agreements with mortgage investors servicers have latitude to decide whether to modify the loans of struggling borrowers or to sell their properties out from under them. Citigroup stepped deeper into this quagmire in September when it bought AMC Mortgage Services which services $45 billion in subprime mortgages. The broach boosted the size of Citigroup's subprime-servicing portfolio to about $88 billion making it the nation's second-largest subprime servicer after Countrywide Financial Corp. according to Inside Mortgage Finance a trade publication. AMC was the loan-servicing operation of ACC Capital Holdings the parent company of Ameriquest Mortgage Co. for years the nation's largest subprime-loan originator. Citigroup also bought Argent Mortgage Co. another subprime-loan originator owned by ACC. measure year. ACC agreed to pay $325 million to settle regulators' claims that it charged excessively high mortgage rates and didn't adequately disclose loan risks. Bruce Marks executive director of the Neighborhood Assistance Corp of America or NACA another national nonprofit group characterizes Ameriquest and Argent as "the worst of the worst" subprime lenders. "They incentivized brokers and lenders to throw money at people knowing they couldn't afford these loans.... These homeowners were never qualified correctly and they deserve modification." (In an unrelated case in 2002. Household International Inc. which has since been acquired by HSBC Holdings PLC agreed to a $484 million settlement over alleged lending abuses.) A spokesman for ACC declined to comment. For years groups such as Acorn and NACA have pressed Citigroup and other lenders to step up mortgage lending to lower-income customers. When subprime mortgages began going bad these groups began pushing banks not to displace the boom on borrowers. They have leverage. The Community Reinvestment Act requires banks to help cater the credit needs of communities in which they operate and regulators often desire feedback from the groups when deciding whether to permit financial institutions to change state new branches. The groups sometimes organize boycotts. Before completing the deal with ACC Capital. Citigroup agreed to work with Acorn on troubled loans. In a news release. Citigroup said it would work with Acorn counselors to help "eligible" distressed borrowers "by offering assistance to prevent a foreclosure.... We will work with them to explore every reasonable option to help borrowers avoid foreclosure." Citigroup added that it would embark on a "25-city tour to communities that are most vulnerable to foreclosures in an effort to help distressed borrowers."Most mortgages are originated by one financial institution then pooled and sold to investors as securities. When homeowners miss payments it's up to the servicer to pay investors anyway. Then the servicer has to shake the money loose from borrowers along with delinquent fees. If that fails it must decide whether to help borrowers by rewriting mortgage terms. The last resort: The servicer forecloses recouping its money and passing the remainder to the investors. Their agreements with loan investors give servicers parameters for modifying loans and authority to decide what's beat. In some cases it makes more economic sense for lenders to accept less money each month than to foreclose on a property in a weak market and sell it. Servicers generally charge investors fees of 0.5% of monthly payments. Citigroup has originated and serviced mortgages for years including subprime mortgages through its consumer-banking arm. It was its investment-banking arm that decided to buy the operations from ACC Capital. Citigroup's investment bankers figured that originating and servicing more loans would complement their mortgage-securitization operations."For months before they bought this entity they told us they were going to act a world-class servicing company," says Mike Shea. Acorn's executive director who has spoken to Citigroup executives in depth about the portfolio's problems. "Now they're telling us it's in worse cause than they thought."After the purchase was complete the volume of customer calls to toll-free phone centers in California and Illinois quickly overwhelmed employees of Citi Residential Inc.. Citigroup's new unit for the AMC Mortgage and Argent operations according to borrowers and housing counselors. Some homeowners report waits of 20 minutes or more on the toll-free line. Janet Wherry. 64 who owns a small private school says she tried in vain for four days to reach a Citigroup servicing agent before turning to bankruptcy court in October in an act to save her Redwood City. Calif. home from foreclosure. A Citigroup spokeswoman says Citi Residential "is doing everything it can to communicate with customers."Of the 280,000 loans in the portfolio. 16.4% or 46,000 were in default as of Sept. 30 meaning borrowers were at least two months late making payments. About 14,000 of those delinquent borrowers faced foreclosure. Nationwide. 14.8% of subprime borrowers were in default as of June 30 according to the latest figures from the Mortgage Bankers Association a trade group. In September. Acorn's Mr. Shea met with Jeffrey Perlowitz the Citigroup bond executive who oversaw the loan-servicing purchase. According to Mr. Shea. Citigroup didn't have a plan to change the terms of thousands of mortgages whose arouse rates were about to climb sharply. Acorn first argued that Citigroup should offer to convert many adjustable-rate subprime mortgages to 30-year fixed-rate ones -- at original teaser rates. Countrywide. J. P. Morgan Chase & Co.. HSBC and Washington Mutual Inc have offered such conversions to some borrowers housing counselors and those servicers say. Citigroup decided that offering such terms would be a money-loser for loan investors according to people with knowledge of the matter. Instead. Citigroup offered to change some mortgages for three to seven years."It's a short-term stopgap measure that puts off the inevitable foreclosure," says Mr. Marks. NACA's continue. Subprime borrowers are more than five times as likely to default on their loans as borrowers with a better ascribe history according to the Mortgage Bankers Association. Statistics declare that servicers of subprime loans aren't inclined to modify very many. Sixteen mortgage servicers accounting for 80% of all subprime loans modified just 1% of loans that faced interest-rate increases in the first half of 2007 according to a study reported by Moody's Investors Service. More than one-third of borrowers whose loans are modified eventually default again bankruptcy lawyers say. Gayle Anderholm who cleans houses for a living says she has been behind for more than a year on the $186,000 Ameriquest owe on her domiciliate in Phillipston. Mass. In late September phone calls started coming from Citi Residential she says. Someone from its "home-retention" department told her foreclosure proceedings would start on Oct. 22 and asked for information about her employment. Ms. Anderholm. 43 said she had been unemployed for more than a year due to illness. The next day she sent a check to cover a portion of the missed payments she says but Citigroup returned it. A spokesman for Citigroup declined to comment on any individual borrowers citing privacy policies."If the customer wants to stay in their home and they have a stream of income we will do everything possible to keep them in their home," Citigroup home-retention specialist Hala Farid told 18 California housing counselors at a meeting last month in Acorn's Los Angeles offices. In Granada Hills. Calif.. Natalie Brandon is fighting to keep the three-bedroom ranch accommodate she bought in 1985 for $105,000. Mrs. Brandon. 51 does medical billing for doctors; her husband is a dispatcher for a local gas utility. Last year she got a $625,500 mortgage from Argent now owned by Citigroup. Her 7.99% interest rate isn't set to rise until next June but she already is behind on payments. Over the past five years she has refinanced her home five times each time taking out cash and paying prepayment penalties. Last year all she had to do to refinance was state that she and her husband earned a combined $100,000. She says she used the proceeds to pay off $30,000 owed on her white Lexus. This year she says their income fell after she suffered a short-term disability. Mrs. Brandon figures if she sold her home today she wouldn't get more than $450,000 -- what a nearby home sold for in foreclosure. She has tried for months to get her give modified and missed her June and September payments. Last month. Damien Gutierrez a Citi Residential home-retention manager offered to fix her interest rate at 6% for 40 years she says. One week later she says he said he was authorized only to offer her a five-year fixed rate. Earlier this month. Citigroup offered her a six-month trial at 6% saying it would extend the modification to three years if she keeps up with her payments she says. Mr. Gutierrez didn't return calls seeking comment. Citigroup's 25-city tour didn't begin until it came up with a loan-modification plan that Acorn considered acceptable. Citigroup eventually said it would offer seven-year fixed-rate options according to Mr. Shea which Acorn considered acceptable. Citigroup began in Los Angeles where it mailed invitations on Acorn letterhead to 340 homeowners for a "remove workshop" to investigate options "to help you act your home." A dozen homeowners showed up on Oct. 25 for a dinner of sandwiches and soda. Citigroup and Acorn representatives discussed possible loan modifications. Citigroup later told at least five attendees it would stop foreclosure proceedings for 60 days while it negotiated to restructure their loans. Mr. Perez the graphic artist facing foreclosure in La Puente was one of them. He said recently that he spent two weeks talking to Citigroup but the bank never offered him a modification. Earlier this month he says a representative urged him to unload his house through a "short sale," meaning that if the accommodate sold for less than the outstanding mortgage. Citigroup wouldn't go after him for the difference. Mr. Perez wouldn't go up with a foreclosure on his credit record and Citigroup would save money on legal and auction expenses. Citigroup also met with borrowers in Miami and Denver where turnout was only slightly better. Acorn's Mr. Shea says Citigroup told him in early November that it may decrease modification offers from seven-year fixed-rate loans to two- and three-year ones. Mr. Shea contends that offer soon would leave borrowers right back where they started facing rate hikes they can't handle. A Citigroup spokeswoman said in a written statement: "We have developed a program that provides modifications for various terms" -- primarily for seven years and some for longer -- "to respond to different categories of need."Acorn says that in the last two months. Citi Residential has modified the mortgages of about 55 borrowers who sought back up from the nonprofit. In many cases the modifications were for seven years. NACA has requested modifications on behalf of more than 50 borrowers since Sept. 2 says Mr. Marks the group's head. Citigroup agreed to make changes to only three mortgages he says for a maximum of two years. One borrower had his interest rate cut and two got to hold onto their teaser rates he says. Ana Cecillia Marin a 36-year-old single mother of three owns a 20-year-old farm house on a dusty garbage-strewn acre in Palmdale. Calif. She says she earns $34,000 a year managing flower sales at a Los Angeles food store and selling clothes on the side. She bought her house in 2005 for $385,000. By taking out a first and second mortgage she was able to buy it for no money down. At first her ex-boyfriend helped make mortgage payments she says but his construction jobs dried up. She hasn't paid anything for months on the $76,426 second mortgage serviced by Citigroup and she has also fallen behind on her $308,000 first owe serviced by a unit of Bear Stearns Cos. Ms. Marin says she got a foreclosure notice on her first mortgage. Judging from recent sales of similar homes in the area it's unlikely that Citi Residential will be able to recoup money owed on the second mortgage in the event of a foreclosure sale because the first-mortgage lender gets its money first."I'm afraid I'm going to suffer it," Ms. Marin said recently of the house. Already she had moved most of her belongings into a wooden crate in the yard. All that remained inside were the mattresses on which she and her children sleep. Originally from Moscow. Russia came to the US after college;have an MBA in Foreign Languages and Education; also undergo an AAS in Culinary Arts; currently involved in real estate consulting and brokerage. Freelance translator/interpreter.

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Nonprofit Groups PressFor Subprime Relief;Deciding Who Gets HelpNovember 26. 2007 WSJBy LAURIE P. COHENPaulo Perez a graphic artist hasn't made payments in months on the $330,000 mortgage on his ranch house in La Puente. Calif. It fell to Citigroup Inc.'s mortgage-servicing unit to decide what to do about that. After Citigroup moved to foreclose on him. Mr. Perez who is 28 years old asked the financial giant to cut his monthly payments to a level he can drop. Citigroup representatives eventually said no offering him a less appealing suggestion: Sell your house turn over the proceeds and we won't go after you for any unpaid balance. On the front lines of the great American owe workout tens of thousands of borrowers are in trouble and looking for relief. Washington has offered advice about what lenders should do and influential groups that counsel low-income borrowers are ratcheting up pressure on Citigroup and others to offer struggling homeowners more favorable terms on their existing loans -- even borrowers whose finances seem hopeless. In many ways the pressures Citigroup faces mirror those on other owe servicers whose job it is to collect monthly payments and go them on to mortgage investors. Servicers are responsible for protecting the financial interests of those investors. But they also have become targets for criticism that the mortgage industry isn't doing enough to alter up problems arising from years of careless lending to subprime borrowers with shaky credit. Citigroup however may have a bigger mess on its hands than many. In September as the U. S housing crisis deepened it bought servicing rights to a problematic $45 billion mortgage portfolio. It announced a commitment to "help distressed borrowers be in their homes," working with Acorn Housing Corp. a nonprofit group that counsels low- and moderate-income home buyers. But with 46,000 borrowers already in default. Citigroup is struggling with the magnitude of the portfolio's problems and its relations with Acorn are fraying. U. S. Treasury Secretary Henry Paulson has called for financial firms to help borrowers by easing terms on lots of mortgages. The chairman of the Federal Deposit Insurance Corp has proposed that mortgage servicers make low initial "teaser" interest rates permanent on performing subprime loans. Earlier this month the House of Representatives passed a bill aimed at setting new rules for mortgage lending. Acorn and other nonprofit community groups contend that mortgage servicers have no right to play hardball with borrowers. Subprime lenders these groups say talked customers into loans they couldn't afford by encouraging them to overstate their incomes and by basing the loans on inflated appraisals. Anyone with steady enough income to make regular monthly payments should get a restructured mortgage the groups argue. On the other hand. Douglas Duncan chief economist for the Mortgage Bankers Association argues that lenders aren't the only ones to blame for the subprime-lending debacle. Among the many culpable parties he says are the borrowers who didn't go through on their obligations. Citigroup declined to discuss in detail its handling of the troubled servicing portfolio. "There are no easy answers here," it said in a statement. "We are confident that the work we undergo done over the last two months and our commitment going forward ordain bring us closer to creating a scalable long-term solution."Despite the problems. Citigroup's servicing business doesn't carry the kind of financial assay it has on its other mortgage investments. Surging defaults on subprime mortgages have already taken a heavy toll on the nation's big financial institutions. Complex debt securities tied to the mortgages have plunged in value leaving them with more than $40 billion in losses. Citigroup took a $3.5 billion write-down in the third quarter and has said it expects to face up to $11 billion in additional losses connected to the credit crunch by year's end. Charles Prince resigned as chief executive officer. The nation's mortgage servicers will back up determine how many more billions this giant real-estate workout is likely to cost. Under their agreements with owe investors servicers have latitude to decide whether to modify the loans of struggling borrowers or to sell their properties out from under them. Citigroup stepped deeper into this quagmire in September when it bought AMC Mortgage Services which services $45 billion in subprime mortgages. The deal boosted the size of Citigroup's subprime-servicing portfolio to about $88 billion making it the nation's second-largest subprime servicer after Countrywide Financial Corp. according to Inside Mortgage Finance a trade publication. AMC was the loan-servicing operation of ACC Capital Holdings the parent company of Ameriquest owe Co. for years the nation's largest subprime-loan originator. Citigroup also bought Argent owe Co. another subprime-loan originator owned by ACC. Last year. ACC agreed to pay $325 million to settle regulators' claims that it charged excessively high mortgage rates and didn't adequately disclose loan risks. Bruce Marks executive director of the Neighborhood Assistance Corp of America or NACA another national nonprofit group characterizes Ameriquest and Argent as "the worst of the worst" subprime lenders. "They incentivized brokers and lenders to throw money at populate knowing they couldn't afford these loans.... These homeowners were never qualified correctly and they deserve modification." (In an unrelated case in 2002. Household International Inc. which has since been acquired by HSBC Holdings PLC agreed to a $484 million settlement over alleged lending abuses.) A spokesman for ACC declined to comment. For years groups such as Acorn and NACA have pressed Citigroup and other lenders to step up mortgage lending to lower-income customers. When subprime mortgages began going bad these groups began pushing banks not to lower the boom on borrowers. They have leverage. The Community Reinvestment Act requires banks to help meet the credit needs of communities in which they operate and regulators often seek feedback from the groups when deciding whether to accept financial institutions to change state new branches. The groups sometimes create boycotts. Before completing the deal with ACC Capital. Citigroup agreed to work with Acorn on troubled loans. In a news channel. Citigroup said it would work with Acorn counselors to help "eligible" distressed borrowers "by offering assistance to prevent a foreclosure.... We ordain work with them to explore every reasonable option to help borrowers forbid foreclosure." Citigroup added that it would embark on a "25-city tour to communities that are most vulnerable to foreclosures in an effort to help distressed borrowers."Most mortgages are originated by one financial institution then pooled and sold to investors as securities. When homeowners miss payments it's up to the servicer to pay investors anyway. Then the servicer has to shake the money loose from borrowers along with delinquent fees. If that fails it must decide whether to help borrowers by rewriting mortgage terms. The last resort: The servicer forecloses recouping its money and passing the remainder to the investors. Their agreements with loan investors give servicers parameters for modifying loans and authority to decide what's best. In some cases it makes more economic comprehend for lenders to accept less money each month than to foreclose on a property in a weak market and sell it. Servicers generally charge investors fees of 0.5% of monthly payments. Citigroup has originated and serviced mortgages for years including subprime mortgages through its consumer-banking arm. It was its investment-banking arm that decided to buy the operations from ACC Capital. Citigroup's investment bankers figured that originating and servicing more loans would complement their mortgage-securitization operations."For months before they bought this entity they told us they were going to create a world-class servicing company," says Mike Shea. Acorn's executive director who has spoken to Citigroup executives in depth about the portfolio's problems. "Now they're telling us it's in worse shape than they thought."After the purchase was complete the volume of customer calls to toll-free phone centers in California and Illinois quickly overwhelmed employees of Citi Residential Inc.. Citigroup's new unit for the AMC Mortgage and Argent operations according to borrowers and housing counselors. Some homeowners inform waits of 20 minutes or more on the toll-free line. Janet Wherry. 64 who owns a small private educate says she tried in vain for four days to arrive a Citigroup servicing agent before turning to bankruptcy court in October in an attempt to save her Redwood City. Calif. home from foreclosure. A Citigroup spokeswoman says Citi Residential "is doing everything it can to communicate with customers."Of the 280,000 loans in the portfolio. 16.4% or 46,000 were in default as of Sept. 30 meaning borrowers were at least two months late making payments. About 14,000 of those delinquent borrowers faced foreclosure. Nationwide. 14.8% of subprime borrowers were in default as of June 30 according to the latest figures from the Mortgage Bankers Association a trade group. In September. Acorn's Mr. Shea met with Jeffrey Perlowitz the Citigroup bond executive who oversaw the loan-servicing purchase. According to Mr. Shea. Citigroup didn't have a plan to modify the terms of thousands of mortgages whose interest rates were about to arise sharply. Acorn first argued that Citigroup should offer to convert many adjustable-rate subprime mortgages to 30-year fixed-rate ones -- at original teaser rates. Countrywide. J. P. Morgan Chase & Co.. HSBC and Washington Mutual Inc have offered such conversions to some borrowers housing counselors and those servicers say. Citigroup decided that offering such terms would be a money-loser for loan investors according to people with knowledge of the matter. Instead. Citigroup offered to modify some mortgages for three to seven years."It's a short-term stopgap measure that puts off the inevitable foreclosure," says Mr. Marks. NACA's head. Subprime borrowers are more than five times as likely to default on their loans as borrowers with a better credit history according to the Mortgage Bankers Association. Statistics suggest that servicers of subprime loans aren't inclined to modify very many. Sixteen mortgage servicers accounting for 80% of all subprime loans modified just 1% of loans that faced interest-rate increases in the first half of 2007 according to a chew over reported by Moody's Investors Service. More than one-third of borrowers whose loans are modified eventually default again bankruptcy lawyers say. Gayle Anderholm who cleans houses for a living says she has been behind for more than a year on the $186,000 Ameriquest mortgage on her home in Phillipston. Mass. In late September phone calls started coming from Citi Residential she says. Someone from its "home-retention" department told her foreclosure proceedings would start on Oct. 22 and asked for information about her employment. Ms. Anderholm. 43 said she had been unemployed for more than a year due to illness. The next day she sent a check to cover a portion of the missed payments she says but Citigroup returned it. A spokesman for Citigroup declined to comment on any individual borrowers citing privacy policies."If the customer wants to stay in their domiciliate and they have a stream of income we will do everything possible to keep them in their home," Citigroup home-retention specialist Hala Farid told 18 California housing counselors at a meeting last month in Acorn's Los Angeles offices. In Granada Hills. Calif.. Natalie Brandon is fighting to keep the three-bedroom ranch house she bought in 1985 for $105,000. Mrs. Brandon. 51 does medical billing for doctors; her husband is a dispatcher for a local gas utility. Last year she got a $625,500 mortgage from Argent now owned by Citigroup. Her 7.99% interest rate isn't set to rise until next June but she already is behind on payments. Over the past five years she has refinanced her home five times each time taking out cash and paying prepayment penalties. Last year all she had to do to refinance was state that she and her husband earned a combined $100,000. She says she used the proceeds to pay off $30,000 owed on her white Lexus. This year she says their income fell after she suffered a short-term disability. Mrs. Brandon figures if she sold her home today she wouldn't get more than $450,000 -- what a nearby home sold for in foreclosure. She has tried for months to get her loan modified and missed her June and September payments. Last month. Damien Gutierrez a Citi Residential home-retention manager offered to fix her interest rate at 6% for 40 years she says. One week later she says he said he was authorized only to offer her a five-year fixed rate. Earlier this month. Citigroup offered her a six-month trial at 6% saying it would extend the modification to three years if she keeps up with her payments she says. Mr. Gutierrez didn't return calls seeking comment. Citigroup's 25-city tour didn't begin until it came up with a loan-modification plan that Acorn considered acceptable. Citigroup eventually said it would offer seven-year fixed-rate options according to Mr. Shea which Acorn considered acceptable. Citigroup began in Los Angeles where it mailed invitations on Acorn letterhead to 340 homeowners for a "FREE workshop" to explore options "to help you keep your home." A dozen homeowners showed up on Oct. 25 for a dinner of sandwiches and soda. Citigroup and Acorn representatives discussed possible loan modifications. Citigroup later told at least five attendees it would stop foreclosure proceedings for 60 days while it negotiated to structure their loans. Mr. Perez the graphic artist facing foreclosure in La Puente was one of them. He said recently that he spent two weeks talking to Citigroup but the bank never offered him a modification. Earlier this month he says a representative urged him to unload his house through a "short sale," meaning that if the house sold for less than the outstanding mortgage. Citigroup wouldn't go after him for the difference. Mr. Perez wouldn't wind up with a foreclosure on his credit record and Citigroup would save money on legal and auction expenses. Citigroup also met with borrowers in Miami and Denver where turnout was only slightly better. Acorn's Mr. Shea says Citigroup told him in early November that it may reduce modification offers from seven-year fixed-rate loans to two- and three-year ones. Mr. Shea contends that offer soon would leave borrowers right back where they started facing rate hikes they can't handle. A Citigroup spokeswoman said in a written statement: "We have developed a program that provides modifications for various terms" -- primarily for seven years and some for longer -- "to respond to different categories of need."Acorn says that in the last two months. Citi Residential has modified the mortgages of about 55 borrowers who sought help from the nonprofit. In many cases the modifications were for seven years. NACA has requested modifications on behalf of more than 50 borrowers since Sept. 2 says Mr. Marks the group's head. Citigroup agreed to make changes to only three mortgages he says for a maximum of two years. One borrower had his interest rate cut and two got to hold onto their teaser rates he says. Ana Cecillia Marin a 36-year-old single mother of three owns a 20-year-old ranch house on a dusty garbage-strewn acre in Palmdale. Calif. She says she earns $34,000 a year managing flower sales at a Los Angeles food store and selling clothes on the align. She bought her house in 2005 for $385,000. By taking out a first and second mortgage she was able to buy it for no money drink. At first her ex-boyfriend helped make owe payments she says but his construction jobs dried up. She hasn't paid anything for months on the $76,426 second mortgage serviced by Citigroup and she has also fallen behind on her $308,000 first mortgage serviced by a unit of Bear Stearns Cos. Ms. Marin says she got a foreclosure notice on her first mortgage. Judging from recent sales of similar homes in the area it's unlikely that Citi Residential will be able to recoup money owed on the second mortgage in the event of a foreclosure sale because the first-mortgage lender gets its money first."I'm afraid I'm going to lose it," Ms. Marin said recently of the house. Already she had moved most of her belongings into a wooden crate in the yard. All that remained inside were the mattresses on which she and her children sleep. Originally from Moscow. Russia came to the US after college;have an MBA in Foreign Languages and Education; also have an AAS in Culinary Arts; currently involved in real estate consulting and brokerage. Freelance translator/interpreter.

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Nonprofit Groups PressFor Subprime Relief;Deciding Who Gets HelpNovember 26. 2007 WSJBy LAURIE P. COHENPaulo Perez a graphic artist hasn't made payments in months on the $330,000 mortgage on his ranch house in La Puente. Calif. It fell to Citigroup Inc.'s mortgage-servicing unit to decide what to do about that. After Citigroup moved to foreclose on him. Mr. Perez who is 28 years old asked the financial giant to cut his monthly payments to a aim he can drop. Citigroup representatives eventually said no offering him a less appealing suggestion: change your house turn over the proceeds and we won't go after you for any unpaid balance. On the front lines of the great American mortgage workout tens of thousands of borrowers are in trouble and looking for relief. Washington has offered advice about what lenders should do and influential groups that counsel low-income borrowers are ratcheting up pressure on Citigroup and others to furnish struggling homeowners more favorable terms on their existing loans -- change surface borrowers whose finances seem hopeless. In many ways the pressures Citigroup faces mirror those on other mortgage servicers whose job it is to collect monthly payments and pass them on to mortgage investors. Servicers are responsible for protecting the financial interests of those investors. But they also have become targets for criticism that the mortgage industry isn't doing enough to clean up problems arising from years of careless lending to subprime borrowers with shaky credit. Citigroup however may have a bigger eat on its hands than many. In September as the U. S housing crisis deepened it bought servicing rights to a problematic $45 billion mortgage portfolio. It announced a commitment to "back up distressed borrowers remain in their homes," working with Acorn Housing Corp. a nonprofit assort that counsels low- and moderate-income home buyers. But with 46,000 borrowers already in default. Citigroup is struggling with the magnitude of the portfolio's problems and its relations with Acorn are fraying. U. S. Treasury Secretary Henry Paulson has called for financial firms to help borrowers by easing terms on lots of mortgages. The head of the Federal Deposit Insurance Corp has proposed that mortgage servicers make low initial "teaser" arouse rates permanent on performing subprime loans. Earlier this month the House of Representatives passed a bill aimed at setting new rules for mortgage lending. Acorn and other nonprofit community groups contend that mortgage servicers undergo no right to play hardball with borrowers. Subprime lenders these groups say talked customers into loans they couldn't afford by encouraging them to overstate their incomes and by basing the loans on inflated appraisals. Anyone with steady enough income to make regular monthly payments should get a restructured mortgage the groups argue. On the other hand. Douglas Duncan chief economist for the Mortgage Bankers Association argues that lenders aren't the only ones to blame for the subprime-lending debacle. Among the many culpable parties he says are the borrowers who didn't follow through on their obligations. Citigroup declined to discuss in detail its handling of the troubled servicing portfolio. "There are no easy answers here," it said in a statement. "We are confident that the work we have done over the last two months and our commitment going send will bring us closer to creating a scalable long-term solution."Despite the problems. Citigroup's servicing business doesn't carry the kind of financial risk it has on its other mortgage investments. Surging defaults on subprime mortgages undergo already taken a heavy toll on the nation's big financial institutions. Complex debt securities tied to the mortgages have plunged in value leaving them with more than $40 billion in losses. Citigroup took a $3.5 billion write-down in the third quarter and has said it expects to face up to $11 billion in additional losses connected to the credit crunch by year's end. Charles Prince resigned as chief executive command. The nation's mortgage servicers will help determine how many more billions this giant real-estate workout is likely to cost. Under their agreements with mortgage investors servicers have latitude to decide whether to modify the loans of struggling borrowers or to sell their properties out from under them. Citigroup stepped deeper into this quagmire in September when it bought AMC Mortgage Services which services $45 billion in subprime mortgages. The deal boosted the coat of Citigroup's subprime-servicing portfolio to about $88 billion making it the nation's second-largest subprime servicer after Countrywide Financial Corp. according to Inside Mortgage Finance a trade publication. AMC was the loan-servicing operation of ACC Capital Holdings the parent company of Ameriquest Mortgage Co. for years the nation's largest subprime-loan originator. Citigroup also bought Argent Mortgage Co. another subprime-loan originator owned by ACC. Last year. ACC agreed to pay $325 million to lay regulators' claims that it charged excessively high mortgage rates and didn't adequately disclose loan risks. Bruce Marks executive director of the Neighborhood Assistance Corp of America or NACA another national nonprofit group characterizes Ameriquest and Argent as "the worst of the worst" subprime lenders. "They incentivized brokers and lenders to throw money at people knowing they couldn't afford these loans.... These homeowners were never qualified correctly and they be modification." (In an unrelated case in 2002. Household International Inc. which has since been acquired by HSBC Holdings PLC agreed to a $484 million settlement over alleged lending abuses.) A spokesman for ACC declined to comment. For years groups such as Acorn and NACA have pressed Citigroup and other lenders to go up mortgage lending to lower-income customers. When subprime mortgages began going bad these groups began pushing banks not to displace the boom on borrowers. They have leverage. The Community Reinvestment Act requires banks to help meet the credit needs of communities in which they operate and regulators often seek feedback from the groups when deciding whether to permit financial institutions to open new branches. The groups sometimes organize boycotts. Before completing the deal with ACC Capital. Citigroup agreed to work with Acorn on troubled loans. In a news release. Citigroup said it would work with Acorn counselors to help "eligible" distressed borrowers "by offering assistance to prevent a foreclosure.... We will work with them to explore every reasonable option to help borrowers avoid foreclosure." Citigroup added that it would embark on a "25-city tour to communities that are most vulnerable to foreclosures in an effort to help distressed borrowers."Most mortgages are originated by one financial institution then pooled and sold to investors as securities. When homeowners miss payments it's up to the servicer to pay investors anyway. Then the servicer has to shake the money loose from borrowers along with delinquent fees. If that fails it must decide whether to help borrowers by rewriting owe terms. The last resort: The servicer forecloses recouping its money and passing the remainder to the investors. Their agreements with loan investors give servicers parameters for modifying loans and authority to decide what's best. In some cases it makes more economic comprehend for lenders to evaluate less money each month than to foreclose on a property in a weak market and sell it. Servicers generally rush investors fees of 0.5% of monthly payments. Citigroup has originated and serviced mortgages for years including subprime mortgages through its consumer-banking arm. It was its investment-banking arm that decided to buy the operations from ACC Capital. Citigroup's investment bankers figured that originating and servicing more loans would balance their mortgage-securitization operations."For months before they bought this entity they told us they were going to create a world-class servicing company," says Mike Shea. Acorn's executive director who has spoken to Citigroup executives in depth about the portfolio's problems. "Now they're telling us it's in worse shape than they thought."After the acquire was complete the volume of customer calls to toll-free phone centers in California and Illinois quickly overwhelmed employees of Citi Residential Inc.. Citigroup's new unit for the AMC Mortgage and Argent operations according to borrowers and housing counselors. Some homeowners report waits of 20 minutes or more on the toll-free line. Janet Wherry. 64 who owns a small private school says she tried in vain for four days to reach a Citigroup servicing agent before turning to bankruptcy court in October in an attempt to save her Redwood City. Calif. home from foreclosure. A Citigroup spokeswoman says Citi Residential "is doing everything it can to communicate with customers."Of the 280,000 loans in the portfolio. 16.4% or 46,000 were in default as of Sept. 30 meaning borrowers were at least two months late making payments. About 14,000 of those delinquent borrowers faced foreclosure. Nationwide. 14.8% of subprime borrowers were in default as of June 30 according to the latest figures from the Mortgage Bankers Association a trade group. In September. Acorn's Mr. Shea met with Jeffrey Perlowitz the Citigroup bond executive who oversaw the loan-servicing purchase. According to Mr. Shea. Citigroup didn't have a plan to change the terms of thousands of mortgages whose interest rates were about to climb sharply. Acorn first argued that Citigroup should offer to convert many adjustable-rate subprime mortgages to 30-year fixed-rate ones -- at original teaser rates. Countrywide. J. P. Morgan Chase & Co.. HSBC and Washington Mutual Inc have offered such conversions to some borrowers housing counselors and those servicers say. Citigroup decided that offering such terms would be a money-loser for loan investors according to people with knowledge of the matter. Instead. Citigroup offered to modify some mortgages for three to seven years."It's a short-term stopgap measure that puts off the inevitable foreclosure," says Mr. Marks. NACA's head. Subprime borrowers are more than five times as likely to default on their loans as borrowers with a exceed credit history according to the Mortgage Bankers Association. Statistics suggest that servicers of subprime loans aren't inclined to change very many. Sixteen mortgage servicers accounting for 80% of all subprime loans modified just 1% of loans that faced interest-rate increases in the first half of 2007 according to a study reported by Moody's Investors Service. More than one-third of borrowers whose loans are modified eventually default again bankruptcy lawyers say. Gayle Anderholm who cleans houses for a living says she has been behind for more than a year on the $186,000 Ameriquest mortgage on her home in Phillipston. Mass. In late September phone calls started coming from Citi Residential she says. Someone from its "home-retention" department told her foreclosure proceedings would start on Oct. 22 and asked for information about her employment. Ms. Anderholm. 43 said she had been unemployed for more than a year due to illness. The next day she sent a check to cover a portion of the missed payments she says but Citigroup returned it. A spokesman for Citigroup declined to comment on any individual borrowers citing privacy policies."If the customer wants to stay in their domiciliate and they undergo a stream of income we will do everything possible to keep them in their home," Citigroup home-retention specialist Hala Farid told 18 California housing counselors at a meeting last month in Acorn's Los Angeles offices. In Granada Hills. Calif.. Natalie Brandon is fighting to keep the three-bedroom ranch house she bought in 1985 for $105,000. Mrs. Brandon. 51 does medical billing for doctors; her husband is a dispatcher for a local gas utility. Last year she got a $625,500 mortgage from Argent now owned by Citigroup. Her 7.99% interest evaluate isn't set to rise until next June but she already is behind on payments. Over the past five years she has refinanced her home five times each time taking out change and paying prepayment penalties. Last year all she had to do to refinance was state that she and her husband earned a combined $100,000. She says she used the proceeds to pay off $30,000 owed on her white Lexus. This year she says their income fell after she suffered a short-term disability. Mrs. Brandon figures if she sold her home today she wouldn't get more than $450,000 -- what a nearby home sold for in foreclosure. She has tried for months to get her loan modified and missed her June and September payments. Last month. Damien Gutierrez a Citi Residential home-retention manager offered to fix her interest rate at 6% for 40 years she says. One week later she says he said he was authorized only to offer her a five-year fixed rate. Earlier this month. Citigroup offered her a six-month trial at 6% saying it would extend the modification to three years if she keeps up with her payments she says. Mr. Gutierrez didn't return calls seeking comment. Citigroup's 25-city tour didn't begin until it came up with a loan-modification plan that Acorn considered acceptable. Citigroup eventually said it would offer seven-year fixed-rate options according to Mr. Shea which Acorn considered acceptable. Citigroup began in Los Angeles where it mailed invitations on Acorn letterhead to 340 homeowners for a "FREE workshop" to explore options "to help you keep your home." A dozen homeowners showed up on Oct. 25 for a dinner of sandwiches and soda. Citigroup and Acorn representatives discussed possible loan modifications. Citigroup later told at least five attendees it would stop foreclosure proceedings for 60 days while it negotiated to restructure their loans. Mr. Perez the graphic artist facing foreclosure in La Puente was one of them. He said recently that he spent two weeks talking to Citigroup but the bank never offered him a modification. Earlier this month he says a representative urged him to deliver his house through a "short sale," meaning that if the accommodate sold for less than the outstanding mortgage. Citigroup wouldn't go after him for the difference. Mr. Perez wouldn't wind up with a foreclosure on his credit record and Citigroup would save money on legal and auction expenses. Citigroup also met with borrowers in Miami and Denver where turnout was only slightly better. Acorn's Mr. Shea says Citigroup told him in early November that it may reduce modification offers from seven-year fixed-rate loans to two- and three-year ones. Mr. Shea contends that offer soon would leave borrowers right back where they started facing rate hikes they can't handle. A Citigroup spokeswoman said in a written statement: "We have developed a program that provides modifications for various terms" -- primarily for seven years and some for longer -- "to respond to different categories of need."Acorn says that in the last two months. Citi Residential has modified the mortgages of about 55 borrowers who sought help from the nonprofit. In many cases the modifications were for seven years. NACA has requested modifications on behalf of more than 50 borrowers since Sept. 2 says Mr. Marks the group's head. Citigroup agreed to make changes to only three mortgages he says for a maximum of two years. One borrower had his interest rate cut and two got to hold onto their teaser rates he says. Ana Cecillia Marin a 36-year-old single mother of three owns a 20-year-old ranch house on a dusty garbage-strewn acre in Palmdale. Calif. She says she earns $34,000 a year managing flower sales at a Los Angeles food store and selling clothes on the side. She bought her accommodate in 2005 for $385,000. By taking out a first and second mortgage she was able to buy it for no money down. At first her ex-boyfriend helped make mortgage payments she says but his construction jobs dried up. She hasn't paid anything for months on the $76,426 second owe serviced by Citigroup and she has also fallen behind on her $308,000 first owe serviced by a unit of Bear Stearns Cos. Ms. Marin says she got a foreclosure notice on her first mortgage. Judging from recent sales of similar homes in the area it's unlikely that Citi Residential will be able to recoup money owed on the second owe in the event of a foreclosure sale because the first-mortgage lender gets its money first."I'm afraid I'm going to lose it," Ms. Marin said recently of the house. Already she had moved most of her belongings into a wooden case in the yard. All that remained inside were the mattresses on which she and her children sleep. Originally from Moscow. Russia came to the US after college;have an MBA in Foreign Languages and Education; also have an AAS in Culinary Arts; currently involved in real estate consulting and brokerage. Freelance translator/interpreter.

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Nonprofit Groups PressFor Subprime Relief;Deciding Who Gets HelpNovember 26. 2007 WSJBy LAURIE P. COHENPaulo Perez a graphic artist hasn't made payments in months on the $330,000 owe on his ranch house in La Puente. Calif. It fell to Citigroup Inc.'s mortgage-servicing unit to decide what to do about that. After Citigroup moved to foreclose on him. Mr. Perez who is 28 years old asked the financial giant to cut his monthly payments to a level he can afford. Citigroup representatives eventually said no offering him a less appealing suggestion: Sell your house turn over the proceeds and we won't go after you for any unpaid balance. On the front lines of the great American mortgage workout tens of thousands of borrowers are in trouble and looking for relief. Washington has offered advice about what lenders should do and influential groups that counsel low-income borrowers are ratcheting up pressure on Citigroup and others to offer struggling homeowners more favorable terms on their existing loans -- even borrowers whose finances seem hopeless. In many ways the pressures Citigroup faces mirror those on other mortgage servicers whose job it is to collect monthly payments and pass them on to mortgage investors. Servicers are responsible for protecting the financial interests of those investors. But they also have become targets for criticism that the mortgage industry isn't doing enough to alter up problems arising from years of careless lending to subprime borrowers with shaky credit. Citigroup however may have a bigger mess on its hands than many. In September as the U. S housing crisis deepened it bought servicing rights to a problematic $45 billion mortgage portfolio. It announced a commitment to "help distressed borrowers remain in their homes," working with Acorn Housing Corp. a nonprofit group that counsels low- and moderate-income home buyers. But with 46,000 borrowers already in default. Citigroup is struggling with the magnitude of the portfolio's problems and its relations with Acorn are fraying. U. S. Treasury Secretary Henry Paulson has called for financial firms to help borrowers by easing terms on lots of mortgages. The chairman of the Federal Deposit Insurance Corp has proposed that owe servicers make low initial "teaser" interest rates permanent on performing subprime loans. Earlier this month the House of Representatives passed a account aimed at setting new rules for mortgage lending. Acorn and other nonprofit community groups contend that mortgage servicers have no right to play hardball with borrowers. Subprime lenders these groups say talked customers into loans they couldn't drop by encouraging them to misinform their incomes and by basing the loans on inflated appraisals. Anyone with steady enough income to alter regular monthly payments should get a restructured mortgage the groups argue. On the other hand. Douglas Duncan chief economist for the Mortgage Bankers Association argues that lenders aren't the only ones to blame for the subprime-lending debacle. Among the many culpable parties he says are the borrowers who didn't follow through on their obligations. Citigroup declined to address in detail its handling of the troubled servicing portfolio. "There are no easy answers here," it said in a statement. "We are confident that the work we have done over the last two months and our commitment going send will bring us closer to creating a scalable long-term solution."Despite the problems. Citigroup's servicing business doesn't carry the kind of financial risk it has on its other mortgage investments. Surging defaults on subprime mortgages have already taken a heavy toll on the nation's big financial institutions. Complex debt securities tied to the mortgages have plunged in determine leaving them with more than $40 billion in losses. Citigroup took a $3.5 billion write-down in the third quarter and has said it expects to face up to $11 billion in additional losses connected to the credit crunch by year's end. Charles Prince resigned as chief executive officer. The nation's mortgage servicers will help determine how many more billions this giant real-estate workout is likely to cost. Under their agreements with mortgage investors servicers have latitude to decide whether to modify the loans of struggling borrowers or to sell their properties out from under them. Citigroup stepped deeper into this quagmire in September when it bought AMC Mortgage Services which services $45 billion in subprime mortgages. The deal boosted the size of Citigroup's subprime-servicing portfolio to about $88 billion making it the nation's second-largest subprime servicer after Countrywide Financial Corp. according to Inside Mortgage Finance a trade publication. AMC was the loan-servicing operation of ACC Capital Holdings the parent company of Ameriquest Mortgage Co. for years the nation's largest subprime-loan originator. Citigroup also bought Argent owe Co. another subprime-loan originator owned by ACC. Last year. ACC agreed to pay $325 million to lay regulators' claims that it charged excessively high mortgage rates and didn't adequately disclose loan risks. Bruce Marks executive director of the Neighborhood Assistance Corp of America or NACA another national nonprofit group characterizes Ameriquest and Argent as "the worst of the worst" subprime lenders. "They incentivized brokers and lenders to throw money at people knowing they couldn't drop these loans.... These homeowners were never qualified correctly and they deserve modification." (In an unrelated inspect in 2002. Household International Inc. which has since been acquired by HSBC Holdings PLC agreed to a $484 million settlement over alleged lending abuses.) A spokesman for ACC declined to comment. For years groups such as Acorn and NACA have pressed Citigroup and other lenders to step up mortgage lending to lower-income customers. When subprime mortgages began going bad these groups began pushing banks not to lower the boom on borrowers. They have leverage. The Community Reinvestment Act requires banks to help meet the credit needs of communities in which they direct and regulators often seek feedback from the groups when deciding whether to permit financial institutions to open new branches. The groups sometimes organize boycotts. Before completing the deal with ACC Capital. Citigroup agreed to work with Acorn on troubled loans. In a news release. Citigroup said it would work with Acorn counselors to help "eligible" distressed borrowers "by offering assistance to prevent a foreclosure.... We will bring home the bacon with them to investigate every reasonable option to help borrowers avoid foreclosure." Citigroup added that it would embark on a "25-city tour to communities that are most vulnerable to foreclosures in an effort to help distressed borrowers."Most mortgages are originated by one financial institution then pooled and sold to investors as securities. When homeowners miss payments it's up to the servicer to pay investors anyway. Then the servicer has to shake the money loose from borrowers along with delinquent fees. If that fails it must end whether to help borrowers by rewriting mortgage terms. The last resort: The servicer forecloses recouping its money and passing the remainder to the investors. Their agreements with loan investors give servicers parameters for modifying loans and authority to end what's best. In some cases it makes more economic comprehend for lenders to accept less money each month than to reclaim on a property in a weak market and sell it. Servicers generally charge investors fees of 0.5% of monthly payments. Citigroup has originated and serviced mortgages for years including subprime mortgages through its consumer-banking arm. It was its investment-banking arm that decided to buy the operations from ACC Capital. Citigroup's investment bankers figured that originating and servicing more loans would complement their mortgage-securitization operations."For months before they bought this entity they told us they were going to act a world-class servicing company," says Mike Shea. Acorn's executive director who has spoken to Citigroup executives in depth about the portfolio's problems. "Now they're telling us it's in worse shape than they thought."After the purchase was complete the volume of customer calls to toll-free phone centers in California and Illinois quickly overwhelmed employees of Citi Residential Inc.. Citigroup's new unit for the AMC Mortgage and Argent operations according to borrowers and housing counselors. Some homeowners report waits of 20 minutes or more on the toll-free line. Janet Wherry. 64 who owns a small private school says she tried in vain for four days to reach a Citigroup servicing agent before turning to bankruptcy court in October in an attempt to save her Redwood City. Calif. home from foreclosure. A Citigroup spokeswoman says Citi Residential "is doing everything it can to communicate with customers."Of the 280,000 loans in the portfolio. 16.4% or 46,000 were in default as of Sept. 30 meaning borrowers were at least two months late making payments. About 14,000 of those delinquent borrowers faced foreclosure. Nationwide. 14.8% of subprime borrowers were in default as of June 30 according to the latest figures from the Mortgage Bankers Association a trade group. In September. Acorn's Mr. Shea met with Jeffrey Perlowitz the Citigroup bond executive who oversaw the loan-servicing purchase. According to Mr. Shea. Citigroup didn't have a plan to modify the terms of thousands of mortgages whose interest rates were about to climb sharply. Acorn first argued that Citigroup should offer to convert many adjustable-rate subprime mortgages to 30-year fixed-rate ones -- at original teaser rates. Countrywide. J. P. Morgan Chase & Co.. HSBC and Washington Mutual Inc have offered such conversions to some borrowers housing counselors and those servicers say. Citigroup decided that offering such terms would be a money-loser for loan investors according to people with knowledge of the matter. Instead. Citigroup offered to modify some mortgages for three to seven years."It's a short-term stopgap measure that puts off the inevitable foreclosure," says Mr. Marks. NACA's head. Subprime borrowers are more than five times as likely to default on their loans as borrowers with a better credit history according to the Mortgage Bankers Association. Statistics suggest that servicers of subprime loans aren't inclined to modify very many. Sixteen mortgage servicers accounting for 80% of all subprime loans modified just 1% of loans that faced interest-rate increases in the first half of 2007 according to a study reported by Moody's Investors function. More than one-third of borrowers whose loans are modified eventually fail again bankruptcy lawyers say. Gayle Anderholm who cleans houses for a living says she has been behind for more than a year on the $186,000 Ameriquest mortgage on her home in Phillipston. Mass. In late September phone calls started coming from Citi Residential she says. Someone from its "home-retention" department told her foreclosure proceedings would start on Oct. 22 and asked for information about her employment. Ms. Anderholm. 43 said she had been unemployed for more than a year due to illness. The next day she sent a check to cover a portion of the missed payments she says but Citigroup returned it. A spokesman for Citigroup declined to comment on any individual borrowers citing privacy policies."If the customer wants to stay in their home and they have a stream of income we ordain do everything possible to keep them in their home," Citigroup home-retention specialist Hala Farid told 18 California housing counselors at a meeting last month in Acorn's Los Angeles offices. In Granada Hills. Calif.. Natalie Brandon is fighting to act the three-bedroom ranch house she bought in 1985 for $105,000. Mrs. Brandon. 51 does medical billing for doctors; her husband is a dispatcher for a local gas utility. Last year she got a $625,500 mortgage from Argent now owned by Citigroup. Her 7.99% interest rate isn't set to go until next June but she already is behind on payments. Over the past five years she has refinanced her home five times each time taking out cash and paying prepayment penalties. measure year all she had to do to refinance was express that she and her husband earned a combined $100,000. She says she used the proceeds to pay off $30,000 owed on her white Lexus. This year she says their income cut after she suffered a short-term disability. Mrs. Brandon figures if she sold her home today she wouldn't get more than $450,000 -- what a nearby home sold for in foreclosure. She has tried for months to get her loan modified and missed her June and September payments. Last month. Damien Gutierrez a Citi Residential home-retention manager offered to fix her interest rate at 6% for 40 years she says. One week later she says he said he was authorized only to furnish her a five-year fixed rate. Earlier this month. Citigroup offered her a six-month trial at 6% saying it would extend the modification to three years if she keeps up with her payments she says. Mr. Gutierrez didn't return calls seeking comment. Citigroup's 25-city tour didn't begin until it came up with a loan-modification intend that Acorn considered acceptable. Citigroup eventually said it would offer seven-year fixed-rate options according to Mr. Shea which Acorn considered acceptable. Citigroup began in Los Angeles where it mailed invitations on Acorn letterhead to 340 homeowners for a "FREE workshop" to explore options "to help you keep your home." A dozen homeowners showed up on Oct. 25 for a dinner of sandwiches and soda. Citigroup and Acorn representatives discussed possible loan modifications. Citigroup later told at least five attendees it would stop foreclosure proceedings for 60 days while it negotiated to restructure their loans. Mr. Perez the graphic artist facing foreclosure in La Puente was one of them. He said recently that he spent two weeks talking to Citigroup but the tip never offered him a modification. Earlier this month he says a representative urged him to unload his house through a "short sale," meaning that if the house sold for less than the outstanding mortgage. Citigroup wouldn't go after him for the difference. Mr. Perez wouldn't wind up with a foreclosure on his credit record and Citigroup would save money on legal and auction expenses. Citigroup also met with borrowers in Miami and Denver where turnout was only slightly better. Acorn's Mr. Shea says Citigroup told him in early November that it may reduce modification offers from seven-year fixed-rate loans to two- and three-year ones. Mr. Shea contends that offer soon would leave borrowers right back where they started facing evaluate hikes they can't handle. A Citigroup spokeswoman said in a written statement: "We have developed a program that provides modifications for various terms" -- primarily for seven years and some for longer -- "to act to different categories of need."Acorn says that in the last two months. Citi Residential has modified the mortgages of about 55 borrowers who sought help from the nonprofit. In many cases the modifications were for seven years. NACA has requested modifications on behalf of more than 50 borrowers since Sept. 2 says Mr. Marks the group's head. Citigroup agreed to make changes to only three mortgages he says for a maximum of two years. One borrower had his interest rate cut and two got to hold onto their teaser rates he says. Ana Cecillia Marin a 36-year-old single mother of three owns a 20-year-old ranch house on a dusty garbage-strewn acre in Palmdale. Calif. She says she earns $34,000 a year managing flower sales at a Los Angeles food store and selling clothes on the side. She bought her house in 2005 for $385,000. By taking out a first and second mortgage she was able to buy it for no money drink. At first her ex-boyfriend helped make mortgage payments she says but his construction jobs dried up. She hasn't paid anything for months on the $76,426 second mortgage serviced by Citigroup and she has also fallen behind on her $308,000 first owe serviced by a unit of Bear Stearns Cos. Ms. Marin says she got a foreclosure notice on her first mortgage. Judging from recent sales of similar homes in the area it's unlikely that Citi Residential will be able to recoup money owed on the second mortgage in the event of a foreclosure sale because the first-mortgage lender gets its money first."I'm afraid I'm going to lose it," Ms. Marin said recently of the house. Already she had moved most of her belongings into a wooden crate in the yard. All that remained inside were the mattresses on which she and her children sleep. Originally from Moscow. Russia came to the US after college;undergo an MBA in Foreign Languages and Education; also have an AAS in Culinary Arts; currently involved in real estate consulting and brokerage. Freelance translator/interpreter.

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By Jeffrey Nelson Many times mortgage negociate marketing materials disappoint because of some simple mistakes. The most common errors found in materials include: Feature-Focused The content of the message is focused on you not the prospect. For example companies often promote their years of undergo in their literature. We have over 25 years of experience. This doesnt do anything for the reader. Your messages must answer the readers question. Whats in it for me? Use of jargon Realtors are inundated with flyers from mortgage professionals promoting products. Realtors dont necessarily understand what the terms mean or how it impacts them. Their job is to help people buy or sell a home not sell mortgages. Poor graphic layout Most populate including realtors are visual processors. They affect information best through pictures. Most mortgage flyers look desire mini rate sheets. Dont you remember how confusing a evaluate pelt looked the first time you read one? Insufficient content Your flyers dont include strong persuasion for a reader to take action. Many times the content barely covers any quality information leaving the reader dazed and confused. Using materials as part of your relationship building strategy Your goal after meeting a look is to maintain top-of-mind-awareness. And as youre doing this educating them about your services. Realtors want to feel secure that theyre dealing with a true owe professional who can do the job. Your materials should position you in their object as a trusted advisor. Someone that they should seek out anytime they have a problem. Youll be able to use your materials to campaign in several ways: To follow up with a look after your initial in-person contact. To introduce you to a new referred prospect (i e listing agent financial planner etc.). If you undergo a website a place for prospects to learn more about you. For loyal clients to promote your services to other prospects. What materials should you create? You want to build an entire campaign that informs educates and promotes your services. Each piece needs to say the readers challenge. Whats in it for me? Your pieces should include but not be limited to: Introductory Statement Description of your target audience How you work with clients enumerate of services A team profile Probing questionnaires Case studies Testimonies Background information about you Articles educational pieces There is a lot of material youre creating but for good cerebrate. People sorb information differently..

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In any sales position objections are the roadblock to making the sale. And in request to succeed you must find a way to beat and conform to the look. In the mortgage industry we face a unique... NEW YEAR AND NEW LOAN LIMITS MEAN NEW OPPORTUNITIES IN THE MORTGAGE BUSINESSWith every year come new opportunities. And astute give officers are quick to benefit on what the new year brings raising their commission levels and catapulting to top producer status in no tim... MAKING THE MOST OF acquire LOANS WHEN WORKING AS A give command IN THE MORTGAGE INDUSTRYWith arouse rates rising rapidly it is more important than ever to alter the most of every loan. As refinances begin to dry up and you begin to deal more with purchases you will undoubtedly encoun... HOW TO APPROACH INTERNET MORTGAGE LEADS AS A LOAN OFFICEROne challenge I get a lot from subscribers is "How do I approach Internet mortgage leads?" As you may already know. I create 90% of my business directly from these types of leads and hav... Smart Debt ConsolidationThere are many benefits to debt particularly for individuals who are struggling to pay off high arouse debt. Debt consolidation involves taking out a single loan to pay off a be o... The 1-2-3 of Mortgage RefinancingAre you currently hard-up? Do you feel desire you are in dire straits all the time and you can hardly go up with the change to pay your bills? It's not hard to imagine your fright when you conclude... Student Loan Consolidation that Reduces the Number of Checks PayableAre you a student who is your own guardian? Don't die paying all these lenders while you can comfortably pay one and evade a difficult life. Defaulted student loans can get so cruel. It means your... Eight Ways to merge DebtNext to winning the lottery a debt consolidation loan is a debtor's conceive of. With one monthly payment and a fixed monthly payment schedule you can actually see an end to those monthly payments. In re...

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A owe is a mortgage is a owe. NOT! Not only do mortgages differ between lenders but they also differ greatly by the lenders themselves. There are two types of real estate originators brokers and loan officers. Brokers generally are self-employed professionals who work to obtain a real estate give for you. They work through a variety of lenders and earn a fee for the transaction. Most of the mortgage lenders who announce on the Internet are brokers. give officers are employees of a tip ascribe union or other lending institution such as a owe company. They sell and process mortgages and other loans only for their employers. They are usually local and in a physical location. There are advantages and disadvantages in using both brokers and loan officers for your real estate purchase so you be to shop for the one that is alter for you and your particular circumstance. BrokersThe advantages to using a owe broker for your real estate acquire are many. Usually the better broach they get for you the buyer the more they are paid on the transaction a big plus for you. If your local bank mortgage affiliate or ascribe union has refused you a loan a mortgage broker may be able to find a lender even if you undergo bad ascribe just evaluate to pay a higher interest rate. If your real estate is unique or commercial property using a mortgage negociate to secure a give is at times easier and faster. One downside of using a owe negociate is that your mortgage give will be sold to another lender immediately after closing. Another is that brokers decide to do either non-conforming loans which are higher risk and usually higher interest rates or conforming loans. This limits your loan options. Brokers do not have to tell a good faith estimate on what closing costs ordain be nor are they regulated by the bring together ascribe Act. Additionally they seldom have a physical office with employees offering you face-to-face customer service and they generally are in another town or state than where your real estate is located. This means they may not understand the local merchandise in which you purchased your real estate. Important issues may arise from the real estate classifications and terms used by your appraiser for example. Loan OfficersThough give officers offer a variety in the types of loans available you are limited to only those products offered by one institution. Usually a local institution the loan command will be familiar with all local regulations and issues will not arise over lack of knowledge in local merchandise terminology. Banks and owe CompaniesBank and mortgage affiliate give officers ordain furnish you face-to-face customer services at least before the closing. Like brokers banks have the option of selling real estate loans on the secondary market. Some banks sell only low-end mortgages or those that require too much servicing with little return. Some sell the give but act the servicing administer making it appear that your mortgage continues to be owned by the tip or owe affiliate. They are required however to express you during the initial paperwork if your mortgage may be sold. I declare you ask before you ever get to that point if this is a broach breaker for you. Bank and mortgage company loan officers are licensed and must cater certain criteria. They undergo more criteria that you must cater as come up in order to secure a loan (banks usually require the most). Many real estate buyers are refused mortgage loans by these institutions. Both banks and owe companies generally do offer exceed rates and terms. They also must tell a good faith estimate on what closing costs ordain be and they are regulated and audited under the Fair Credit Act. ascribe UnionsYou must be a member of a ascribe union to apply for a loan with them. Many credit unions do not furnish real estate loans. The study advantage of securing a loan from a credit union is that they go on only actual costs of the loan to you no negociate fees or commissions. They also never sell their loans on the secondary merchandise they always are local and furnish you continuing face-to-face customer service. What to DoThe time to mouth looking for a mortgage lender is before you begin looking at real estate. Ask family and friends for referrals as come up as their experience with the real estate lender. Ask your real estate agent for referrals. Then communicate each prospective lender and ask questions lots of questions! Compare arouse rates terms after the closing mortgage sale policies and what criteria do they demand that you cater in order to qualify for a real estate give. If you are a residential real estate buyer consider getting pre-approved for a loan. You ordain know exactly what you can afford to buy which usually turns out to be much more than you expect. Spend as much time shopping for a mortgage lender as you will for your real estate. The broach you get can save or cost you thousands or even millions over the life of the owe. Get the best deal possible as come up as the alter lender for your real estate purchase. John Harris is an expert researcher and writer on real estate topics such as economics credit improvement tips domiciliate selling advice and home buying preparations. For more on San Diego Homes for Sale visit

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If we can’t trust the Government with our bank account details what can we trust them with? Our banks?It’s a challenge of competence. This Government doesn’t have any. Successful Chancellors are always lucky. Alastair Darling isn’t. He’s had the misfortune to act over the job just as everything is going pear-shaped. In the long-term the banking crisis is probably change surface worse than losing the data on everyone in the country who receives child acquire. But at the moment the turn enormity of managing to mislay the names addresses bank be details children’s names and so on for 7.25 million people is astonishing. This fiasco is the prove of decisions made before Mr Darling took on the job. The blame lies with his predecessor none other than Mr Prudence himself. Gordon Brown. It was Mr Brown who decided to force the tax-gatherers into one mega-department and axe thousands of jobs at the same measure. It’s claimed the department is hopeless: Incapable of answering queries; with rooms full of unopened affix; issuing computer-generated penalty notices with no appeal. That would be bad enough but now we find Her Majesty’s Revenue and Customs is so careless with our personal details they can get burned onto a couple of CDs before being lost in the post. If this was the first measure it might not be so bad. But it isn’t. Laptops with personal information be to get nicked from taxmen all the measure. Data discs have disappeared before. This Government preaches to us about the be to protect ourselves from identity fraud. Yet it can’t change surface protect our child acquire data. How can we possibly trust it with on-line tax returns the national DNA database the national NHS database or – God forbid – the information needed to make a national identity separate plot bring home the bacon?If some criminal aggroup has got hold of the child benefit data it could in theory attack millions of tip accounts. If money goes missing then in the end it the Government – that means the taxpayer –would undergo to repay the banks. It would be a very costly apply though not as expensive perhaps as pouring limitless billions into the failed Northern move back and forth bank. The disaster of Britain’s fourth biggest mortgage lender is the prove of the banks’ collective madness. Northern Wreck should be allowed to go bust. The Government should not throw good money after bad. Instead. Mr Brown and Mr Darling have guaranteed to compensate every depositor. That’s book except how go they didn’t do the same for the victims of the Fairpak disaster?The say is simple – Fairpak was just a Christmas club owing 100,000 little populate a mere £15 million so it didn’t be. The Northern Rock is a big institution where individuals have deposited tens and hundreds of thousands of pounds. So the more money you’ve got the more likely it is the Government will free you out. The poorer you are the poorer you stay. In his decade as Chancellor. Gordon Brown stood and watched as our respectable High Street banks launched into the American “sub-prime” lending merchandise. It was madness. Would anyone with half a hit lend enough money to buy a house to someone with no job no income and no assets? Especially when the accommodate wasn’t worth the asking price?That’s what the banks did. Then they’d package up some of these loans and sell the whole kit and caboodle as an “asset”. Northern Rock’s dash for growth saw its lending rise 55 per cent in the first half of this year. desire turned to greed. It’s the shareholders who ordain really lose out of course. In February. Northern Rock shares stood at £12.50 each. Now you can’t even get a quid for them. Several banks undergo lost billions in the sub-prime disaster. Serves them right. Unfortunately the rest of us have to pay in higher mortgages more expensive ascribe cards even less secure pension schemes and economic slow-down. As we will pay the account for the cost of cleaning up the mess at HMRC. As we have to foot the bill for the Government’s incompetence in selling defence establishment Qinetiq to the lowest bidder costing us millions. The Government doesn’t do business. It can’t run a bank any more than it can work out how much a affiliate is worth. Yet some people evaluate it should nationalise Northern destroy. Earlier this year the Home Office was “not fit for purpose”. Today the Treasury – the very heart of our Government – is equally unfit. And while Alastair Darling looks in danger of being one of the shortest-lived Chancellors on preserve not much of it is his accuse. It’s the responsibility of the hold back freak who is now fix Minister. Gordon cook took ascribe for ten years of economic growth. He may think he got out of the Treasury in measure to flee the accuse. He’s do by. Everyone knows where the responsibility lies. Now Mr cook has to live with the consequences of his own decisions. And it’s hard to see how he can build trust in an entire Government which is plainly not fit for purpose.

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“The number of foreclosure filings reported in the U. S measure month more than doubled versus August 2006 and jumped 36 percent from July with Georgia among states with the highest foreclosure rates. The trend that signals many homeowners are increasingly unable to alter timely payments on their mortgages or sell their homes amid a national housing slumpA total of 243,947 foreclosure filings were reported in August up 115 percent from 113,300 in the same month a year ago. Irvine. Calif.-based RealtyTrac Inc said Tuesday. There were 179,599 foreclosure filings reported in July. XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>

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Rising prices convinced Joe and Jane that they needed to act quickly; they didn’t be to be priced out of the merchandise and they didn’t be to miss what was increasingly presented as a sure-fire investment opportunity they could However the economy being what it was they didn’t have a large downpayment. And they qualified for a mortgage based on their incomes regardless of the fact that one of them could easily suffer their job (or in Jane’s inspect demand maternity get). No problem said the friendly loan officer. Friendly loan command got them a loan but at a higher interest evaluate. Or he got them an Adjustable evaluate owe that started off low but would get higher — he reassured them that by the measure it adjusted they would surely be making more money right? Or he got them a loan with a — did you know that in some states it is legal to undergo a prepayment penalty equal to all the future arouse payments? But Joe and Jane weren’t making more money later. Between stagnant job creation wages that never did act up with inflation rising health compassionate costs and skyrocketing gas costs they were really behind the 8-ball. They couldn’t refinance because they were effectively making less money. They couldn’t sell the displace because it was worth less than the owe be. Even if they sell or refinance they faced a prepayment penalty of several thousand dollars they didn’t undergo. It is also worth noting that in this environment some populate who never had any intention of owning a home committed which left whoever owned the owe in trouble. When the assorted investors who owned owe backed securities realized what was going on — that massive foreclosures were headed their way — the merchandise for these products dried up. Because there was no longer a functioning merchandise in which to sell mortgages it became very difficult to create verbally new mortgages almost overnight. This of course was very very bad news for people like Joe and Jane who — before this mess — actually had a chance of getting refinanced. protect Street matters because they are the ones who can lend Joe and Jane the money to act their domiciliate. Now we know what happens after the bubble pops. Looks desire these folks are stuck with their domiciliate. And it should be paid off in 30 years. If this hapless couple wants to act their ascribe alive they will undergo to act out the market…and act paying for their mistake. The real estate business runs on contingencies. And Contigencies must await for someone on a lower rung of the ladder to sell and then act up. The problem is the merchandise has run out of creative financing methods to create a “qualified” buyer. I smell a real estate disaster. I retired after selling homes for 43 years. –What is next to act a Qualifier? believe One Hundred year loans. populate are living longer. XHTML: You can use these tags: <a href="" call=""> <abbr call=""> <acronym call=""> <b> <blockquote cite=""> <have in mind> <label> <del datetime=""> <em> <i> <q have in mind=""> <touch> <strong>

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LOS ANGELES — The number of foreclosure filings reported in the U. S last month more than doubled versus August 2006 and jumped 36 percent from July a turn that signals many homeowners are increasingly unable to make timely payments on their mortgages or sell their homes amid a national housing slump. A total of 243,947 foreclosure filings were reported in August up 115 percent from 113,300 in the same month a year ago. Irvine. Calif.-based RealtyTrac Inc said Tuesday. There were 179,599 foreclosure filings reported in July. The filings consider fail notices sell sale notices and tip repossessions. Some properties might undergo received more than one sight if the owners have multiple mortgages. August’s be represents the highest be of foreclosure filings reported in a hit month since RealtyTrac began tracking monthly filings two years ago. The national foreclosure rate measure month was one filing for every 510 households the affiliate said. We're working to keep you informed with the latest breaking news. This bind was published Tuesday. September 18. 2007. Copyright © 2007. Arkansas Democrat-Gazette. Inc. All rights reserved. This enter may not be reprinted without the convey written permission of Arkansas Democrat-Gazette. Inc. Material from the Associated touch is procure © 2007. Associated Press and may not be published broadcast rewritten or redistributed. Associated Press text photo graphic audio and/or video material shall not be published air rewritten for broadcast or publication or redistributed directly or indirectly in any medium. Neither these AP materials nor any administer thereof may be stored in a computer except for personal and noncommercial use. The AP will not be held liable for any delays inaccuracies errors or omissions therefrom or in the transmission or delivery of all or any move thereof or for any damages arising from any of the foregoing. All rights reserved.

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Get the latest business news from Inland California and top business technology stories and ap business headlines including have merchandise information from pe com This entry was postedon Monday. September 17th. 2007 at 9:20 amand is filed under. You can go any responses to this entry through the feed. You can or from your own place. <a href="" call=""> <abbr title=""> <acronym call=""> <b> <blockquote have in mind=""> <code> <em> <i> <strike> <strong>

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NEW YORK (Reuters) - Bankrupt home loan provider American Home owe Investment Corp (AHMIQ. PK: . ) said on Wednesday a federal bankruptcy adjudicate has authorized the sell by two affiliates of 5,700 mortgage loans with an unpaid principal fit of about $1.62 billion. The affiliate said Broadhollow Funding LLC and Melville Funding LLC would auction the loans on the morning of September 11 at a Wilmington. Delaware law office. Bidders wishing to participate must inform the U. S bankruptcy act in Wilmington by the previous day it said. Melville. New York-based American Home was the 10th-largest U. S owe lender before filing on August 6 for Chapter 11 bankruptcy protection after it stopped making loans and lenders cut off its supply of change. It is liquidating its operations to back up pay creditors. Broadhollow Funding and Melville Funding are not affect to the Chapter 11 filing. American Home said. Reuters is the world's largest international multimedia news agency providing investing news world news business news technology news advertise news small business news news alerts personal finance stock merchandise and mutual funds information available on Reuters com video mobile and interactive television platforms. Reuters journalists are subject to the Reuters Editorial Handbook which requires bring together presentation and disclosure of relevant interests.

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