- Report: #447871
Complaint Review: Citibank Wells Fargo Bank Of America - O'Fallon Missouri
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Citibank Wells Fargo Bank Of America
www.citimortgage.com O'Fallon, Missouri, U.S.A.
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CitibankCitibank, Wells Fargo, Bank Of America BANKS "FAKING IT" WITH OBAMA'S MHA PROGRAM. SUCKING UP APPLICATION FEES O'Fallon Missouri
*Consumer Comment: April, I believe that Americans have only one HOPE, and that's......
*Consumer Comment: The Chaos Created By Fannie Mae & Freddie Mac -- thanks to Barney Frank & Friends
*Consumer Comment: HMM...... BARNEY FRANK & FRIENDS, AND....
*Consumer Comment: BATMAN, WHY DO YOU THINK ALAN GREENSPAN LOWERED THE RATE TO 1% BACK IN JUNE OF 2003?
*Consumer Comment: HOLY SWISS CHEESE SANDWICH WITH A SIDE ORDER OF SMOKED CRAWDADS, Batman!!! THE STOCK MARKET CRASH....
*Consumer Comment: I LOVE YOU KARL
*Consumer Comment: TRACY....
Anyone wondering who's getting refinanced through Obama's "Making Homes Affordable Program?" Well, it sure 'ain't me, or you, or just about anyone applying. Why? Because all these much hyped federal programs are VOLUNTARY! What the hell! We are giving trillions to the banks so they can do what exactly? Nothing, apparently.
Obama's programs "Making Home Affordable and Hope For Homeowners" are a big joke. The banks are making a killing on application fees, only to tell the unsuspecting homeowner "Sorry, we can't help you. And, by the way, that 500.00 application fee is nonrefundable."
Here's how Americans are being scammed:
1) Even if you've met all the requirements of these programs, you will not get any real relief (modification) or qualify for refinancing. A realtor friend of mine whose home value is in the crapper and lost 50% of her income, was rewarded by Citimortgage with a decrease in her monthly payment by 11.00. Gee, thanks Citimortgage for your generosity. Those 11 dollars will really make a big difference in my life.
Want to refinance? Guess again. If you are one of the millions who has private mortgage insurance, kiss any chance of a re-fi bye, bye. The banks are refusing to refinance anyone with PMI, knowing full well most people who need these programs, have PMI. It matters not a twit if your FICO scores are in the stratosphere, you will still be summarily be turned down if you have PMI.
2) Poor Fannie Mae and Freddie Mac! They lose billions on stupid investments, cry to the feds for help, get bailed out and then are put in charge of operating programs they know nothing about. It's enough to make a person want to commit suicide. Whoops! Sorry, Freddie Mac. These two entities can't distinguish a doorknob from an apple. Call them and complain about how their much vaunted programs are NOT working and they will tell you "gee, we had no idea the banks were doing that." Sheesh. As Sigourney Weaver opined in the movie "Aliens"- IQs appear to have dropped dramatically since I left." I wonder if this is willful ignorance. Willful or not, Mac and Mae are worthless to the homeowner.
3) Bargain basement appraisals. Ok, forget PMI for a moment. The other part of the scam is what I call "Low-balling for dollars." The one place where you should be able to get refinanced is with the bank that currently services your mortgage. They are the only place where having private mortgage insurance doesn't count against you. (the banks act like we elect to have PMI. They seem to forget, you are forced into taking it if you don't have 20% to put down). Ah, but you can bet your sweet little bippy, they know they are in the drivers seat on this one and they're not about to refinance a good paying customer at 4.50% when they can get 7%. So, how do they weasel out of "making your home affordable?" They hire slash and burn appraisers -- typically inexperienced, cheap folks who come from outside the geographic area of your home. And right on cue, they appraise your home at values so low, you would have to believe you've been living on the street under a cardboard box for the last 2 years instead of in an immaculate 4 bedroom home in Ann Arbor (home of the Maize and Blue).
Make a big fuss and the bank will tell you it's those dastardly foreclosures that caused it. (The foreclosure thing--it's almost a mantra with banks. They seem to forget that they are the ones responsible for this mess to begin with). So, it's all about comparables, right? If you are unlucky enough to live in a neighborhood were there have been foreclosures (and who doesn't?) your house is worth the same as a double-wide trailer parked next to the airport. So, if it's all about comps, then why make me pay 340.00 for an appraiser to step foot inside my house ? Any one, including the banks, can get comps off the internet for free.
If you vociferously question the original appraisal, the banks will often order what they call a "field review." It's their way of appearing "fair and balanced." Don't be fooled, however. A "field review" involves nothing more than some appraiser driving by your house and looking at the exterior. Then miraculously, through some strange inner appraiser gestalt thing, they are somehow able to tell the banks if the original appraisal was accurate. If you think this procedure may help you, then let me suggest several hospitals where you can admit yourself for treatment of your madness.
The bottom line is this: the banks make big money on their application fees which you must pay upfront before they will lift a finger, and the appraisers make big bucks giving the banks what they want--super low values outside of the Making Homes Affordable guidelines. The banks continue charging their good customers higher interest rates, while they steal taxpayer money at less than 1% interest. It's a great deal ---for the banks.
I urge all those who despite having met all the requirements for "Making Homes Affordable" were still turned down to call Fannie Mae and Freddie Mac. Call, write, e-mail your congress people. Contact Obama. This is HIS program. He said the buck stops with him, so hold him to it. No more volunteer programs for the banks. We own huge chunks of them, now. Geitner must make them lend or shut them down. Enough of this rip-off.
April
Ann Arbor, Michigan
U.S.A.
Click here to read other Rip Off Reports on Citibank
CLICK HERE to read about Credit Card Scams... find out how to get your money back. Consumer makes harsh but accurate statements. *Rip-off Report Investigation follow-up provides valuable information.
Obama's programs "Making Home Affordable and Hope For Homeowners" are a big joke. The banks are making a killing on application fees, only to tell the unsuspecting homeowner "Sorry, we can't help you. And, by the way, that 500.00 application fee is nonrefundable."
Here's how Americans are being scammed:
1) Even if you've met all the requirements of these programs, you will not get any real relief (modification) or qualify for refinancing. A realtor friend of mine whose home value is in the crapper and lost 50% of her income, was rewarded by Citimortgage with a decrease in her monthly payment by 11.00. Gee, thanks Citimortgage for your generosity. Those 11 dollars will really make a big difference in my life.
Want to refinance? Guess again. If you are one of the millions who has private mortgage insurance, kiss any chance of a re-fi bye, bye. The banks are refusing to refinance anyone with PMI, knowing full well most people who need these programs, have PMI. It matters not a twit if your FICO scores are in the stratosphere, you will still be summarily be turned down if you have PMI.
2) Poor Fannie Mae and Freddie Mac! They lose billions on stupid investments, cry to the feds for help, get bailed out and then are put in charge of operating programs they know nothing about. It's enough to make a person want to commit suicide. Whoops! Sorry, Freddie Mac. These two entities can't distinguish a doorknob from an apple. Call them and complain about how their much vaunted programs are NOT working and they will tell you "gee, we had no idea the banks were doing that." Sheesh. As Sigourney Weaver opined in the movie "Aliens"- IQs appear to have dropped dramatically since I left." I wonder if this is willful ignorance. Willful or not, Mac and Mae are worthless to the homeowner.
3) Bargain basement appraisals. Ok, forget PMI for a moment. The other part of the scam is what I call "Low-balling for dollars." The one place where you should be able to get refinanced is with the bank that currently services your mortgage. They are the only place where having private mortgage insurance doesn't count against you. (the banks act like we elect to have PMI. They seem to forget, you are forced into taking it if you don't have 20% to put down). Ah, but you can bet your sweet little bippy, they know they are in the drivers seat on this one and they're not about to refinance a good paying customer at 4.50% when they can get 7%. So, how do they weasel out of "making your home affordable?" They hire slash and burn appraisers -- typically inexperienced, cheap folks who come from outside the geographic area of your home. And right on cue, they appraise your home at values so low, you would have to believe you've been living on the street under a cardboard box for the last 2 years instead of in an immaculate 4 bedroom home in Ann Arbor (home of the Maize and Blue).
Make a big fuss and the bank will tell you it's those dastardly foreclosures that caused it. (The foreclosure thing--it's almost a mantra with banks. They seem to forget that they are the ones responsible for this mess to begin with). So, it's all about comparables, right? If you are unlucky enough to live in a neighborhood were there have been foreclosures (and who doesn't?) your house is worth the same as a double-wide trailer parked next to the airport. So, if it's all about comps, then why make me pay 340.00 for an appraiser to step foot inside my house ? Any one, including the banks, can get comps off the internet for free.
If you vociferously question the original appraisal, the banks will often order what they call a "field review." It's their way of appearing "fair and balanced." Don't be fooled, however. A "field review" involves nothing more than some appraiser driving by your house and looking at the exterior. Then miraculously, through some strange inner appraiser gestalt thing, they are somehow able to tell the banks if the original appraisal was accurate. If you think this procedure may help you, then let me suggest several hospitals where you can admit yourself for treatment of your madness.
The bottom line is this: the banks make big money on their application fees which you must pay upfront before they will lift a finger, and the appraisers make big bucks giving the banks what they want--super low values outside of the Making Homes Affordable guidelines. The banks continue charging their good customers higher interest rates, while they steal taxpayer money at less than 1% interest. It's a great deal ---for the banks.
I urge all those who despite having met all the requirements for "Making Homes Affordable" were still turned down to call Fannie Mae and Freddie Mac. Call, write, e-mail your congress people. Contact Obama. This is HIS program. He said the buck stops with him, so hold him to it. No more volunteer programs for the banks. We own huge chunks of them, now. Geitner must make them lend or shut them down. Enough of this rip-off.
April
Ann Arbor, Michigan
U.S.A.
Click here to read other Rip Off Reports on Citibank
CLICK HERE to read about Credit Card Scams... find out how to get your money back. Consumer makes harsh but accurate statements. *Rip-off Report Investigation follow-up provides valuable information.
7 Updates & Rebuttals
Karl
Highlands Ranch,Colorado,
U.S.A.
TRACY....
#2Consumer Comment
Sat, May 16, 2009
I'm so glad we had this time together.....just to have a laugh and sing a song......seems we just get started and before you know it.....comes the time we have to say- so long. - Carol Burnett, from the 'Carol Burnett Show' TRACY, When you LOVE, it's really YOURSELF that you love. It's what you see in YOURSELF that you see in others. When you HATE, it's REALLY yourself that you hate. It's what you DENY most in yourself that you project onto others. Quote: 'All love is based on the search for spirit. Love is spirit. Spirit is the self.' - Deepak Chopra I LOVE YOU TOO!
Tracy
Plano,Texas,
U.S.A.
I LOVE YOU KARL
#3Consumer Comment
Fri, May 15, 2009
thanks for the memories
Karl
Highlands Ranch,Colorado,
U.S.A.
HOLY SWISS CHEESE SANDWICH WITH A SIDE ORDER OF SMOKED CRAWDADS, Batman!!! THE STOCK MARKET CRASH....
#4Consumer Comment
Fri, May 08, 2009
was predicted in a Christmas tune right here at Ripoffreport.com on November 8th 2007, just 30 days after the Dow Jones closed at its ALL-TIME HIGH of 14,164 on 10-9-2007!!! Batman: Are you smokin' too many crawdads, Robin? That can't be true, can it? Robin: It's TRUE, Batman!!! Simply 'Google' this- RIP OFF REPORT TOYOTA AND GULF STATES TOYOTA LEMON HOUSTON TEXAS, and it appears in the 'Update' entitled- 'Here Is What You Can Do!', which was posted on November 8th 2007!!! Batman: My goodness, boy-wonder, this is amazing. It seems to me that our 'leaders' have been out-smarted by the people of the United States of America. Robin: You're right again, Batman!! So what do you have to say about all of this? Batman: There's only one thing that I can think of. Here it is- 'The times, they are a changin'. - Dylan Robin: Well said, Batman!!! Well said!!! End. QUOTE: 'The truth was obscure, too profound and too pure; to live it you have to EXPLODE.' - Dylan 'obscure' (definition) - hidden in darkness.
Karl
Highlands Ranch,Colorado,
U.S.A.
BATMAN, WHY DO YOU THINK ALAN GREENSPAN LOWERED THE RATE TO 1% BACK IN JUNE OF 2003?
#5Consumer Comment
Fri, May 08, 2009
Batman: I'm not sure, Robin, but it obviously had a HUGE effect on our economy, because that single event allowed 'Adjustable Rate Mortgages', & 'Interest Only Loans' to flourish in the United States. Robin: GOOLY JEEPERS, Batman. You're right!!! Batman: Looking back, it seems quite clear that lowering the rate to 1% was a bad choice, wouldn't you agree, Robin? Robin: You are right, Batman!!! But how do you know Alan Greenspan lowered the rate to 1% in June of 2003? Batman: I simply 'Googled' this- DOWN THE MEMORY HOLE ALAN GREENSPAN STYLE, and I read that article. Robin: SWEET-SMELLIN' LIMBURGER CHEESE, Batman, you're a genius!!! Batman: No, Robin. I'm just a 'GOOGLEHEIMER' who is well informed. Robin: WOWSY-WOW-WOW, Batman! You and Aunt Bee are true super-heroes!!!! Batman: Thanks. Now let's head out to Beverly Hills and see if Granny has any crawdads left. Robin: Okey-dokey, Batman!!!!! End.
Karl
Highlands Ranch,Colorado,
U.S.A.
HMM...... BARNEY FRANK & FRIENDS, AND....
#6Consumer Comment
Thu, May 07, 2009
the FED??? Hmm.... let me see if I understand something....... Barney Frank & friends are POLITICIANS, correct? The FED is the government's bank, right? Alan Greenspan, who was the previous Federal Reserve Chairman, LOWERED the rate to 1% back in 2003, which allowed all of those ARM's & 'Interest Only Loans' to flourish in the USA, correct? Hmm....... I wonder WHY Barney Frank & friends, and the FED did all of this? Was it to HELP all of the Americans who wanted a home? If they BELIEVED it would truly HELP Americans, I wonder what they're thinking right now? WELCOME TO AMERICA- ONE MASSIVE PONZI SCHEME!
MiamiVictim
Coral Gables,Florida,
U.S.A.
The Chaos Created By Fannie Mae & Freddie Mac -- thanks to Barney Frank & Friends
#7Consumer Comment
Wed, May 06, 2009
Don't be fooled again by Barney Frank, Chris Dodd, Schumer and friends in upcoming elections and re-elections! Remember: this chaos was created by Frank and his like-minded congressmen who were pushing for affordable housing under the "Community Reinvestment Act" (signed into law in 1977 by Pres. Carter) and ramming it down the throats of financial institutions, with the assistance of those like Frank's ex-lover (Herb Moses, an exec at Fannie Mae), and financial/campaign support from Freddie Mac and Fannie Mae. See: http://citizenwells.wordpress.com/2008/09/17/obama-barney-frank-fannie-mae-freddie-mac-campaign-contributions-democrats-lobbyists-truth-about-obama-more-obama-lies-mccain-reformer/ ; http://online.wsj.com/article/SB122091796187012529.html ; http://www.boston.com/bostonglobe/editorial_opinion/oped/articles/2008/09/28/franks_fingerprints_are_all_over_the_financial_fiasco/ ; http://www.businessandmedia.org/articles/2008/20080924145932.aspx .
Karl
Highlands Ranch,Colorado,
U.S.A.
April, I believe that Americans have only one HOPE, and that's......
#8Consumer Comment
Sat, May 02, 2009
to send ANDREW CUOMO, the Attorney General of New York, ALL THE INFORMATION YOU HAVE ABOUT WHAT'S going on in this country!!! He's the only one who seems to care about the American people! Good luck to you!
