Read about some hilariously shady business practices that Citi has undertaken with their Mortgage Origination business.
It's a dirty little secret that a lot of ARMS written in the last few years are actually going to reset in the coming months to lower rates due to the precipitous fall in Treasuries. (I know I can't wait for our reset to come.) It's a secret because the current selling model of the mortgage industry is to get scared consumers to over pay for fixed rate loans.
It seems like Citi is trying to scare people into Refinancing now into a *safe* fixed rate mortgage by quoting potential ARM rates from over a month ago....and overstating them at that.
I personally knew Citi was in deep financial doodoo when they wouldn't refund a late fee because I missed a payment on a credit card (that was due on Christmas day) by one single day. If they really needed my $20 bucks that bad, something serious must be wrong.
I cancelled the card and haven't looked back.
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